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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