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.
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