# Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory8units at \$33\$264Aug. 7Purchase18units at \$35630Dec. 11Purchase15units at \$37555 41units\$1,449There are 16 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).a.First-in, first-out (FIFO)\$b.Last-in, first-out (LIFO)\$c.Weighted average cost\$

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:

 Jan. 1 Inventory 8 units at \$33 \$264 Aug. 7 Purchase 18 units at \$35 630 Dec. 11 Purchase 15 units at \$37 555 41 units \$1,449

There are 16 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).

 a. First-in, first-out (FIFO) \$ b. Last-in, first-out (LIFO) \$ c. Weighted average cost \$
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Step 1

Periodic inventory system:

The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

Compute the total cost and cost of goods sold in units:

Step 2

a.

Compute the inventory cost using FIFO:

Costs of goods sold and Ending inventory:

Step 3

b.

Compute the inventory cost using LIFO:

Costs of goods sold and E...

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