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
|
20 units at $360
|
$ 7,200
|
|
Aug. 13
|
Purchase
|
260 units at $342
|
88,920
|
|
Nov. 30
|
Purchase
|
40 units at $357
|
14,280
|
|
Available for sale
|
320 units
|
$110,400
|
There are 57 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.