there are 11 units of the item in the physical inventory at december 31 the periodic 549600
PE 7-4A Periodic inventory using FIFO, LIFO, average cost methods
The units of an item available for sale during the year were as follows:
Jan. |
1 |
Inventory |
12 units at $45 |
$ 540 |
July |
7 |
Purchase |
18 units at $50 |
900 |
Nov. |
23 |
Purchase |
15 units at $54 |
810 |
Available for sale |
45 units |
45 units |
There are 11 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.
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