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Please answer the blanks. Thank you Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during
Please answer the blanks. Thank you
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 | 12 | units at $38 | $456 |
Aug. 13 | Purchase | 15 | units at $41 | 615 |
Nov. 30 | Purchase | 20 | units at $43 | 860 |
Available for sale | 47 | units | $1,931 |
There are 19 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).
a. | First-in, first-out (FIFO) | $ |
b. | Last-in, first-out (LIFO) | $ |
c. | Weighted average cost | $ |
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