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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 17 units at $27 $459 July 7 Purchase
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 17 | units at $27 | $459 |
July 7 | Purchase | 13 | units at $30 | 390 |
Nov. 23 | Purchase | 15 | units at $31 | 465 |
45 | units | $1,314 |
There are 27 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).
a. | First-in, first-out (FIFO) | $ |
b. | Last-in, first-out (LIFO) | $ |
c. | Weighted average cost |
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