1. 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	11	units at $45	$495
Aug. 7	Purchase	18	units at $47	846
Dec. 11	Purchase	14	units at $48	672
		43	units	$2,013

There are 20 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

2.

Periodic Inventory by Three Methods

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

Jan. 1	Inventory	1,035 units @ $128
Feb. 17	Purchase	1,410 units @ $129
Jul. 21	Purchase	1,635 units @ $132
Nov. 23	Purchase	1,150 units @ $133

There are 1,225 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value.

a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method.

c. Determine the inventory cost by the weighted average cost method.

3.

Cost of Merchandise Sold

Based on the following data, determine the cost of merchandise sold for November:

Increase in estimated returns inventory$8,200

Merchandise inventory, November 113,700

Merchandise inventory, November 3026,300

Purchases273,900

Purchases returns and allowances9,300

Purchases discounts5,500

Freight in3,800

4.

Cost of Merchandise Sold

Based on the following data, determine the cost of merchandise sold for July:

Increase in estimated returns inventory	$27,200
Merchandise inventory, July 1	45,300
Merchandise inventory, July 31	87,000
Purchases	906,700
Purchases returns and allowances	30,800
Purchases discounts	18,100
Freight in	12,700