Date Description Units Unit cost Total cost July 01 Beginning inventory 500 $20 $10,000 July 18 purchased 800 $24 $19,200 July 25 purchased 700 $26 $18,200 Aug 8 purchased 500 $23 $11,500 Sept 5 purchased 200 $21 $4,200 Oct 30 purchased 375 $24

Marketing Dec 22, 2020

Date	Description	Units	Unit cost	Total cost
July 01	Beginning inventory	500	$20	$10,000
July 18	purchased	800	$24	$19,200
July 25	purchased	700	$26	$18,200
Aug 8	purchased	500	$23	$11,500
Sept 5	purchased	200	$21	$4,200
Oct 30	purchased	375	$24.75	$9281.25
Nov 8	purchased	100	$23.50	$2,350
Dec 20	purchased	50	$18.75	$937.50

Ending inventory 75 units, Complete a periodic FIFO, LIFO and Average cost.

Expert Solution

Assuming that the question asks for the ending inventory using the three inventory valuation methods:

1. FIFO

Date	Transaction	Units	Unit Price	Total
Nov 8	Purchases	25	$23.50	$587.50
Dec 20	Purchases	50	$18.75	$937.50
Total	75			$1,525

2. LIFO

Date	Transaction	Units	Unit Price	Total
July 1	Beginning Inventory	75	$20	$1,500

3. Weighted Average

Weighted Average Cost = $75,668.75 / 3,225 units

Weighted Average Cost = $23.46 per unit

Ending Inventory = 75 units * $23.46

Ending Inventory = $1,759.50

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