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Determine the inventory cost using the first-in-first-out

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Jan. 1 Inventory 16units at $31 $496

Aug. 13 Purchase 6units at $34 $204

Nov. 30 Purchase 10units at $36 360

Available for sale 32units $1,060

There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Problem 1: Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).

Reference no: EM132709770

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