Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
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Jan 1
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Inventory 10 units
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@$46
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Feb 17
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Purchase 11 units
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@$47
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Jul 21
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purchase 6 units
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@$49
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nov 23
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purchase 15 units
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@$49
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There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal 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. $ ?