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

Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $37 $444 Aug. 13 Purchase 15 units at $38 570 Nov. 30 Purchase 14 units at $40 560 Available for sale 41 units $1,574 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). a. First in, first out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost C

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