Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units

Question

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 10 units at $29 $290
Aug. 7 Purchase 20 units at $32 640
Dec. 11 Purchase 13 units at $33 429
43 units $1,359

There are 18 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 (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $

Explanation / Answer

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

FIFO LIFO Weighted average Ending inventory cost (13*33+5*32) = 589 (10*29+8*32) = 546 (1359/43*18) = 569

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