Question: Jan. 1 Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as

Jan. 1 Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Inventory 13 units at $3,500 $45,500 Aug. 7 Purchase 18 units at $3,700 66,600 Dec. 11 Purchase 11 units at $3,900 42,900 $155,000 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using 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 place answer to the nearest whole dollar). First-in, first-out (FIFO) 42 units a. b. Last-in, first-out (LIFO) C. Weighted average cost

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