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Product X Units Unit Cost Total Cost Beginning Inventory 10 $ 8.00 $80.00 Feb. 15 Purchase 15 10.00 150.00 June 15 Purchase 12 12.00 144.00 Nov. 15 Purchase 8 14.00 112.00 Tot. M'dse. Available for 45 ### Ending Inventory = 20 units FIFO Units Unit Cost Total Cost Nov. 15 Purchase 8 $14.00 ### June 15 Purchase 12 12.00 144.00 20 newest items would be in Inventory Cost 20 ### Tot. M'dse. Available for sale ### - Ending Inventory Cost 256.00 oldest units were sold = Cost of M'dse. Sold ### LIFO Units Unit Cost Total Cost Beginning Inventory 10 $ 8.00 $80.00 Feb. 15 Purchase 10 10.00 100.00 20 oldest items would be in Inventory Cost 20 ### Tot. M'dse. Available for sale ### - Ending Inventory Cost 180.00 newest units were sold = Cost of M'dse. Sold ### Average Cost Tot. M'dse. Available for = ### = $10.80 Avg. Cost Tot. # of Units Available for sale 45 Inventory Cost 20 X $10.80 = ###

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Page 1: Periodic Inventory Example

Product X

Units Unit Cost Total CostBeginning Inventory 10 $ 8.00 $ 80.00 Feb. 15 Purchase 15 10.00 150.00 June 15 Purchase 12 12.00 144.00 Nov. 15 Purchase 8 14.00 112.00 Tot. M'dse. Available for sale 45 $ 486.00

Ending Inventory = 20 units

FIFO Units Unit Cost Total CostNov. 15 Purchase 8 $ 14.00 $ 112.00 June 15 Purchase 12 12.00 144.00

20 newest items would be in inventory

Inventory Cost 20 $ 256.00

Tot. M'dse. Available for sale $ 486.00 - Ending Inventory Cost 256.00 oldest units were sold= Cost of M'dse. Sold $ 230.00

LIFO Units Unit Cost Total CostBeginning Inventory 10 $ 8.00 $ 80.00 Feb. 15 Purchase 10 10.00 100.00

20 oldest items would be in inventory

Inventory Cost 20 $ 180.00

Tot. M'dse. Available for sale $ 486.00 - Ending Inventory Cost 180.00 newest units were sold= Cost of M'dse. Sold $ 306.00

Average Cost

Tot. M'dse. Available for sale = $ 486.00 = $ 10.80 Avg. Cost per unitTot. # of Units Available for sale 45

Inventory Cost 20 X $ 10.80 = $ 216.00

Page 2: Periodic Inventory Example

Tot. M'dse. Available for sale $ 486.00 - Ending Inventory Cost 216.00 = Cost of M'dse. Sold $ 270.00

Ending Cost ofInventory M'dse.

Comparison of results Cost Sold ProfitFIFO $ 256.00 $ 230.00 HighestLIFO 180.00 306.00 LowestAVG. Cost 216.00 270.00 Middle


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