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

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cest Methods The units of an item available for sale during the year were as follows: Jan 1 Aug. 13 Inventory Purchase 5 units at $45 14 units at $47 Nov. 30 Purchase units at $49 Available for sale 27 units $225 392 $1,275 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 the (a) fest in, first out (FIFO) method; (b) last in, first out (LO) method; and (c) weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole d a. First-in, first out (FIFO) b. Last in, first out (ITO) 6 Weighted average cost

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