Question
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $40 $560 Aug. 13 Purchase
The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 14 units at $40 $560
Aug. 13 Purchase 16 units at $42 672
Nov. 30 Purchase 4 units at $44 176
Available for sale 34 units $1,408
There are 17 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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