Question: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods 189 The units of an item available for sale during the year were as follows:

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods 189 The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $24 $432 Aug. 13 Purchase 7 units at $27 Nov. 30 Purchase 11 units at $28 308 Available for sale 36 units $929 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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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