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

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 $41	$451
Aug. 7	Purchase	16	units at $42	672
Dec. 11	Purchase	12	units at $44	528
		39	units	$1,651

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 (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).

First-in, first-out (FIFO)

Last-in, first-out (LIFO)

Weighted average cost

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