Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 5 units @ $47 Feb. 17   Purchase 10 units @ $48 July 21   Purchase 7 units @ $50 Nov. 23   Purchase 20 units @ $52 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. a.  Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b.  Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c.  Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. $fill in the blank 3

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.