(Solution Document) Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units


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 12 units at $5,400 $64,800
Aug. 7 Purchase 18 units at $6,000 108,000
Dec. 11 Purchase 15 units at $6,480 97,200
Available for sale 45 units $270,000

There are 14 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.

a. First-in, first-out (FIFO) method $
b. Last-in, first-out (LIFO) method $
c. Weighted average cost method

$

 







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