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

Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 $520 Inventory Purchase Aug. 13 20 units at $26 19 units at $28 12 units at $29 532 Nov. 30 Purchase 348 51 units Available for sale $1,400 There are 25 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) Weighted average cost

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