The units of an item available for sale during the year were as follows:

There are 48 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 average costmethod.

Transcribed Image Text:

60 units at $45 90 units at $50 75 units at $54 225 units Jan. 1 Apr. 20 Nov. 30 $ 2,700 4,500 4,050 $11,250 Inventory Purchase Purchase Available for sale