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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $36 $180 Aug. 13 Purchase
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 5 | units at $36 | $180 |
Aug. 13 | Purchase | 7 | units at $39 | 273 |
Nov. 30 | Purchase | 4 | units at $41 | 164 |
Available for sale | 16 | units | $617 |
There are 10 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).
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