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

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 5 units at $32 $160 Aug. 13 Purchase 18 units at $35 630 Nov. 30 Purchase 10 units at $36 360 Available for sale 33 units $1,150 There are 19 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) S c. Weighted average cost $

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