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 16 units at $48 $768 Aug. 13 Purchase 13 units at $51 663 Nov. 30 Purchase 20 units at $52 1,040 Available for sale 49 units $2,471 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3

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  1. 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 16 units at $48 $768
    Aug. 13 Purchase 13 units at $51 663
    Nov. 30 Purchase 20 units at $52 1,040
    Available for sale 49 units $2,471

    There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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) $fill in the blank 1
    b. Last-in, first-out (LIFO) $fill in the blank 2
    c. Weighted average cost $fill in the blank 3
     

 

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