There are 13 units of the item in the physical inventory

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Reference no: EM13590254

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods.The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	17	units at $27	$459
July 7	Purchase	14	units at $29	406
Nov. 23	Purchase	13	units at $30	390
Available for sale		44	units	$1,255

There are 13 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).

a.	First-in, first-out (FIFO)	$
b.	Last-in, first-out (LIFO)	$
c.	Weighted average cost	$

Reference no: EM13590254

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