Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method

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

Jan 1 | Inventory | 12 units at $49 | $588

Aug 13 | Purchase | 16 units at $52 | $832

Nov 30 | Purchase | 12 units at $53 | $636

Available for sale - 40 units

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; and (c) the weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).

in.do?invoker takeAssignmentSessionlocator &inprogress false Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: $588 Jan. 1 Inventory Aug. 13 Purchase Nov. 30 Purchase Available for sale 12 units at $49 16 units at $52 12 units at $53 832 636 40 units $2,056 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; 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 Previous