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The units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1
The units of an item available for sale during the year were as follows:
Date | Line Item Description | Units | Cost per Unit | Amount |
---|---|---|---|---|
Jan. 1 | Inventory | 19 units | at $34 | $646 |
Aug. 13 | Purchase | 5 units | at $37 | 185 |
Nov. 30 | Purchase | 6 units | at $38 | 228 |
Available for sale | 30 units | $1,059 |
There are 18 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).
Line Item Description | Amount |
---|---|
a. First-in, first-out (FIFO) method | $ |
b. Last-in, first-out (LIFO) method | $ |
c. Weighted average cost method | $ |
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