Answer:
Instructions are listed below
Explanation:
Giving the following information:
Jan. 1 Inventory 2,500 units at $5
Feb. 17 Purchase 3,300 units at $6
July 21 Purchase 3,000 units at $7
Nov. 23 Purchase 1,200 units at $8
There are 1,500 units of the item in the physical inventory on December 31.
A) FIFO:
Inventory= 1200* 8 + 300*7= $11,700
B) LIFO
Inventory= 1500*5= $7,500
C) weighted average cost method:
Total period inventory= 2500*5 + 3300*6 + 3000*7 + 1200*8= 62900/ 10000 units= 6.29
Inventory= 1500*6.29= 9,435