Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...

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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 Aug. 7 Purchase 12 units at $3,400 $40,800 15 units at $3,600 54,000 Dec. 11 Purchase 15 units at $3,700 42 units 55,500 $150,300 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 (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) 66,300 < b. Last-in, first-out (LIFO) 62,400 c. Weighted average cost 3,566 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 Aug. 7 Purchase 12 units at $3,400 $40,800 15 units at $3,600 54,000 Dec. 11 Purchase 15 units at $3,700 42 units 55,500 $150,300 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 (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) 66,300 < b. Last-in, first-out (LIFO) 62,400 c. Weighted average cost 3,566