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

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The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 12 units at $45 $540

Aug. 13 Purchase 16 units at $47 752

Nov. 30 Purchase 4 units at $49 196 Available for sale 32 units $1,488

  • There are 19 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: EM132834006

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