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 $24	$264
Aug. 7	Purchase	18	units at $27	486
Dec. 11	Purchase	14	units at $28	392
		43	units	$1,142

There are 19 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	$

Lower-of-Cost-or-Market Method

On the basis of the data shown below:

Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
MX62	85	$58	$53
TX24	165	28	30

Determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 9.

$