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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $46 $230 Aug. 13 Purchase
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $46 $230 Aug. 13 Purchase 18 units at $48 864 Nov. 30 Purchase 15 units at $50 750 Available for sale 38 units $1,844 There are 23 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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