Question: Using the periodic inventory system, determine the inventory cost using LIFO, FIFO, Average cost given there are only 23 units left in the physical inventory:

Using the periodic inventory system, determine the inventory cost using LIFO, FIFO, Average cost given there are only 23 units left in the physical inventory:

Jan 1 Inventory 24 units at $135 $ 3,240

May 7 Purchase 36 units at $150 $ 5,400

Nov. 23 Purchase 30 units at $162 $ 4,860

Available for Sale 90 units $13,500

The inventory cost using LIFO would be:

The inventory cost using FIFO would be:

The inventory cost using weighted average would be:

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