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eBook Show Me How Question Content Area Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale

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Periodic inventory using FIFO, LIFO, and weighted average cost methods

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

Date Line Item Description Units Cost per Unit Amount
Jan. 1 Inventory 19 units at $24 $456
Aug. 13 Purchase 4 units at $25 100
Nov. 30 Purchase 17 units at $27 459
Available for sale 40 units $1,015

There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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).

Line Item Description Amount
a. First-in, first-out (FIFO) method $fill in the blank 1
b. Last-in, first-out (LIFO) method $fill in the blank 2
c. Weighted average cost method $fill in the blank 3

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