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:

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jun 1 Aug. 13 Doventory Purchase 5 units at $45 $225 14 units at $47 650 Nov. 30 Purchase units at $49 Available for sale 27 units 392 $1,275 There are 16 units of the item in the physical aventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first in, first out (0) method (h) last in, fest out (30) med and to weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dur a. First in, first-out (FIFO) b. Last-in, first-out (LIF) c Weighted average cost

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