Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 27 units at $400 Feb. 19 Purchase 54 units at $460 June 8 Purchase 63 units at $520 Oct. 7 Purchase 56 units at $550 There are 45 units of the item in the physical inventory at December 31. Determine the cost of ending inventory using (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Inventory Cost a. First-in, first-out method $ 24,750 b. Last-in, first-out method $ 19,080 c. Average cost method $ 111,150
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