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

Exercise 29

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.