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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $40 $600 Aug. 13 Purchase
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 15 | units at $40 | $600 |
Aug. 13 | Purchase | 18 | units at $43 | 774 |
Nov. 30 | Purchase | 15 | units at $45 | 675 |
Available for sale | 48 | units | $2,049 |
There are 19 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) | $ |
b. | Last-in, first-out (LIFO) | $ |
c. | Weighted average cost | $ |
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