[socialight]

The beginning inventory and purchase of an item for the period were as follows:
Beginning inventory... 6units at $83 each
First purchase... 10 units at $82 each
Second purchase... 18 units at $84 each
Third purchase... 10 units at $85 each
The company uses the periodic system, and there were 12 units in the inventory at the end of the period. Determine the cost of the 12 units in the inventory by each of the following methods, presenting details of your computations: a) first-in, first outb) last in, first out, c) average cost.

Again thanks to everyone who can help the first in first out method and the last in first out method is very confusing to me I hope I can understand so I can pass this assignment!!

[huron2]

If the total is 44 and only 12 remains it means that 32 was sold.
Using the FIFO:
6@83=498
10@82=8200
16@84=1344
------- --------
32 10042
2@84=168
10@85=8500
------- --------
12 8668
so the cost of the 12 units is $8668 using the fifo

LIFO
10@85=8500
18@84=1512
4@82=328
----- ----------
32 10340

6@82=492
6@83=498
---- -------
12 990
so the cost of the 12 units using LIFO is $990