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	Inventory	12	units at $5,400	$64,800
Aug. 7	Purchase	18	units at $6,000	108,000
Dec. 11	Purchase	15	units at $6,480	97,200
Available for sale		45	units	$270,000

There are 14 units of the item in the A detailed listing of merchandise on hand.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.

a. First-in, first-out (FIFO) method $_____________

b. Last-in, first-out (LIFO) method $_____________

c. Weighted average cost method $_____________