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

$15$ units at $$47$

$$705$

Aug. $13$ Purchase

$4$ units at $$50$

$200$

Nov, $30$

Purchase

$13$ units at $$52$

$676$

Available for sale

$32$ units

$$1,581$

There are $10$ units of the item in the physical inventory at December $31.$ The periodic inventory system is used. Determine the inven first$-$out $($LIFO$)$ method; and $($c$)$ weighted average cost method $($round per$-$unit cost to two decimal places and your final answer to

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

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

c$.$ Weighted average cost

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