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Question

Periodic inventory using FIFO, LIFO, and weighted average cost methods

The units of an item available for sale during the year were as follows:

DateLine Item DescriptionUnitsCost per UnitAmount
Jan. 1	Inventory	15 units	at $24	$360
Aug. 13	Purchase	4 units	at $25	100
Nov. 30	Purchase	9 units	at $27	243
	Available for sale	28 units		$703

There are 14 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) method	$fill in the blank 1
b. Last-in, first-out (LIFO) method	$fill in the blank 2
c. Weighted average cost method	$fill in the blank 3

Answer 1

Ending Inventory Dec 31: 14 units

Inventory Cost:

FIFO method    9*27+4*25+1*24=$367

LIFO method  14*24=$336

Per unit cost  703/28=$25.11

Weighted Average cost method  14*25.11=$352