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 40 units at $165 = $6,600
Aug. 13, Purchase 200 units at $180 = 36,000
Nov. 30, Purchase 60 units at $200 = 12,000
Available for sale = 300 units = $54,600
There are 75 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.
a. First-in, first-out (FIFO) method $_____
b. Last-in, first-out (LIFO) method $_____
c. Weighted average cost method $_____