Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 9

Periodic inventory by three methods
The units of an item available for sale during the year were as follows:

There are 220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the weighted average cost method.