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tory Using FIFO, LFO, and Weighted Average Cost Methods

item available for sale during the year were as follows:

ventory

$4$ units at $$44$

$$176$

irchase

$12$ units at $$47$

$564$

irchase

$11$ units at $$48$

$528$

$27$ units

$$1,268$

ts of the item in the physical inventory at December $31.$ The periodic inventory system is used. Determine the invento sst$-$in$,$ first$-$out $($FIFO$)$ method; $($b$)$ last$-$in$,$ first$-$out $($LIFO$)$ method; and $($c$)$ weighted average cost method $($round per places and your final answer to the nearest whole dollar$).$

st$-$out $($FIFO$)$

t$-$out $($LIFO$)$

verage cost

$$50$

$$4$

$$4$

$$376$

ork

he FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased.

he LIFO method is used, the cost of the units sold is the cost of the most recent purchases.

rage cost method is sometimes called the weighted average method. The average cost method uses the average ng cost of goods sold and the ending inventory.