Question: Again, wondering what I did wrong. LIFO is right, all the others are wrong. Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The

Again, wondering what I did wrong. LIFO is right, all the others are wrong.

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	11	units at $48	$528
Aug. 13	Purchase	18	units at $49	882
Nov. 30	Purchase	7	units at $51	357
Available for sale		36	units	$1,767

There are 22 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).

a.	First-in, first-out (FIFO)	1122
b.	Last-in, first-out (LIFO)	1067
c.	Weighted average cost	534

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