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

Periodic Inventory UsingFIFO,LIFO, and Weighted Average Cost Methods

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

Jan. 1 Inventory 13 units at $28 $364

Aug. 7 Purchase 19 units at $29 551

Dec. 11 Purchase 13 units at $31 403

TOTAL 45 units $1,318

There are 18 units of the item in thephysical inventoryat 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)

b.Last-in, first-out (LIFO)

c.Weighted average cost

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