Business, 17.03.2020 05:41 tahiyazaman1493

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 9 units at $30 $270
July 7 Purchase 18 units at $31 558
Nov. 23 Purchase 10 units at $32 320
37 units $1,148

There are 14 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.

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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

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