Question

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $37 $185 Aug. 7 Purchase 18 units at $39 702 Dec. 11 Purchase 13 units at $40 520 36 units $1,407 There are 16 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;

(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 $

Answer 1