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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
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.
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