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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $48 $672 Aug. 13 Purchase
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 14 | units at $48 | $672 |
Aug. 13 | Purchase | 18 | units at $50 | 900 |
Nov. 30 | Purchase | 20 | units at $51 | 1,020 |
Available for sale | 52 | units | $2,592 |
There are 26 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) | $fill in the blank 1 |
b. | Last-in, first-out (LIFO) | $fill in the blank 2 |
c. | Weighted average cost | $fill in the blank 3 |
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