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

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

Jan. $1$

Aug. $13$

Inventory

$30$ units at $$460$

$$13,800$

$330$ units at $$437$

Nov. $30$

Purchase

Purchase

$50$ units at $$456$

$144,210$

$410$ units

$22,800$

Available for sale

$$180,810$

There are $73$ 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 $($LFO$)$ method; and $($c$)$ the weighted average cost method.

a$.$ First$-$in$,$ first$-$out $($FIFO$)$ method

b$.$ Last$-$in$,$ first$-$out $($LFO$)$ method

c$.$ Weighted average cost method