The units of an item available for sale during the year were as follows: There a

Question

The units of an item available for sale during the year were as follows:

There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.

a. Determine the inventory cost by the first-in, first-out method.
$

b. Determine the inventory cost by the last-in, first-out method.
$

c. Determine the inventory cost by the weighted average cost method.
$

Jan. 1   Inventory 10 units @ $35 Feb. 17   Purchase 20 units @ $37 Jul. 21   Purchase 5 units @ $40 Nov. 23   Purchase 17 units @ $41

Explanation / Answer

Working Notes for the above answer is as under

Inventory Unit Inventory Cost FIFO 5 205 LIFO 5 175 Weighted
AVG 5 191.0575

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