[amstanich]

Assuming a periodic inventory system, how do you calculate FIFO, LIFO, and WAVE (weighted average)?

IF:

Opening Inventory (12/31/2007) 19,000 units @ $14 $266,000

Purchase May 13, 2008 57,000 @ $17 $969,000
Purchase Sept. 28, 2008 64,000@ $21 $1,344,000

Purchase April 23, 2009 72,000@ $24 $1,728,000
Purchase Sept. 3, 2009 56,000@ $28 $1,568,000

At end of year, physical inventory: 2009=37,000 and 2008=33,000
Sales for 2009=124 units for $4,960,000 and 2008=107,000 units for $3,745,000

Any help would be greatly appreciated! Thank you.

[morgaine300]

Here's a link to an online textbook. You may need/want to scroll down to the "detailed illustration":Principles of Accounting Chapter 8

Then please make some attempt to do the problem and post what you've come up with.