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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $44 $220 July 7 Purchase
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 5 | units at $44 | $220 |
July 7 | Purchase | 11 | units at $45 | 495 |
Nov. 23 | Purchase | 7 | units at $46 | 322 |
23 | units | $1,037 |
There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the 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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