the units of an item available for sale during the year were as follows 554011

PE 7-4B Periodic inventory using FIFO, LIFO, average cost methods

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

There are 23 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 average cost method.

PE 7-5A Lower-of-cost-or-market method

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 8.