Question

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

Jan. 1	Inventory	11	units at $32	$352
Aug. 7	Purchase	17	units at $33	561
Dec. 11	Purchase	13	units at $34	442
		41	units	$1,355

There are 19 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	$

Answer 1

First in first out (13*34) + (19-13)*33	640
Last in first out (11*32) + (19-11)*33	616
Weighted average cost (1355/41)*19	628

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