The units of an item available for sale during the year were as follows:
|
Jan. |
1 |
Inventory |
6 units at $50 |
$ 300 |
|
Mar. 20 |
Purchase |
14 units at $55 |
770 |
|
|
Oct. 30 |
Purchase |
20 units at $62 |
1,240 |
|
|
Available for sale |
40 units |
$2,310 |
||
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 average cost method.