Question: 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 19 units at $26 $494
July 7 Purchase 19 units at $28 532
Nov. 23 Purchase 16 units at $29 464
54 units $1,490
There are 16 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 (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 $