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question using the periodic inventory system determine the inventory cost using lifo 4289368

Question

Using the periodic inventory system, determine the inventory cost using LIFO, FIFO, Average cost given there are only 23 units left in the physical inventory:

Jan 1 Inventory 24 units at $135 $ 3,240

May 7 Purchase 36 units at $150 $ 5,400

Nov. 23 Purchase 30 units at $162 $ 4,860

Available for Sale 90 units $13,500

The inventory cost using LIFO would be:

The inventory cost using FIFO would be:

The inventory cost using weighted average would be:

 

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