The units of an item available for sale during the year were as follows: Jan 1 Inventory 12 units at 120 April 15 Purchase 138 units at 116 September 9 Purchase 28 units at 127 There are 42 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the first-in, first-out (FIFO)

The units of an item available for sale during the year were as follows: Jan 1 Inventory 24 units at 129 April 15 Purchase 137 units at 114 September 9 Purchase 28 units at 125 There are 34 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)