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 Aug. 13 Purchase 20 units at $50 Nov. 30 Purchase 13 units at $51 Available for sale 9 units at $49 $441 1,000 42 units $2,104 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) c. Weighted average cost KPr Nexxt Check JMy Work Dining ans (1) doc

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