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 Inventory 12 units @ $37 $444

Aug 13 Inventory 20 units @$38 $760

Nov. 30 Inventory 10 units @$39 $390

Total Available units for sale 42units $ 1594

There are 20 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.

a. First-in, first-out (FIFO) method $
b. Last-in, first-out (LIFO) method $
c. Weighted average cost method $

Any help would be much appreciated! Thanks!

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