Question: The units of an item available for sale during the year were as follows: There are 38 units of the item in the physical inventory

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

The units of an item available for. The average costmethod.

There are 38 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;
(c) The average costmethod.

Jan. Inventory Apr. 20 Purchase Nov. 30 Purchase Available for sale 18 units at $300 5,400 12,650 9,000 $27,050 46 units at $275 36 units at $250

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