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	7	units at $29	$203
Aug. 13	Purchase	19	units at $30	570
Nov. 30	Purchase	11	units at $32	352
Available for sale		37	units	$1,125

There are 18 units of the item in the physical inventory on 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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