Nov. 30 150 Periodic inventory using FIFO, LIFO, and weighted average cost methods The units...
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Nov. 30 150 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 18 units at $25 $450 Aug. 13 Purchase 6 units at $28 168 Purchase 5 units at $30 Available for sale $768 There are 12 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 (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 29 units
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