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 13 units at $33 $429

Aug. 13 Purchase 6 units at $34 204

Nov. 30 Purchase 10 units at $35 350

Available for sale 29 units $983

There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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

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 13 units at $33 $429 Inventory Purchase Aug. 13 6 units at $34 204 Nov. 30 Purchase 10 units at $35 350 Available for sale 29 units $983 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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 000