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samc7910
samc7910
06.11.2020 • 
Mathematics

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $43 $387 Aug. 13 Purchase 17 units at $45 765 Nov. 30 Purchase 15 units at $47 705 Available for sale 41 units $1,857 There are 20 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).

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