Question: Help please! Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as

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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 5 units at $3,600 $18,000 Aug. 7 Purchase 20 units at $3,800 76,000 Dec. 11 Purchase 14 units at $3,900 54,600 39 units $148,600 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the 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)

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