Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at $400 Feb. 19 Purchase 54 units at $460 June 8 Purchase 63 units at $520 Oct. 7 Purchase 56 units at $550 There are 45 units of the item in the physical inventory at December 31. Determine the cost of ending inventory using (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Inventory Cost a. First-in, first-out method $ 24,750 b. Last-in, first-out method $ 19,080 c. Average cost method $ 111,150

FIFO Ending Inventory  $ 24750

LIFO Ending Inventory  $ 19080

Average Cost Method Ending Inventory $22,320

Explanation:

Date           Units                  Unit Price           Total Cost

Jan.1 Inventory 27 units           $400                $ 10800

Feb. 19 Purchase 54 units       $460                $ 24840

June 8 Purchase 63 units         $520                $ 32760

Oct. 7 Purchase 56 units          $550                $ 30800

Total             200 units                                             $ 99200      

There are 45 units of the item in the physical inventory at December 31

FIFO Ending Inventory

45 units at $ 550 =  $ 24750

LIFO Ending Inventory  $ 19080

27 units at $ 400= $ 10800

18 units at $ 460=  $ 8280

Average Cost Method Ending Inventory $ 22,320

Units Cost= $ 99200/ 200= $ 496

45 units at $ 496=  22,320

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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