Periodic inventory by three methods Obj. 2, 4 The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 2,500 units at $5 Feb. 17 Purchase 3,300 units at $6 July 21 Purchase 3,000 units at $7 Nov. 23 Purchase 1,200 units at $8 There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by the

(a) first-in, first-out method,

(b) last-in, first-out method, and

(c) weighted average cost method.

AppendixLO1