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: 1 Jan, 1 Aug. 131 Inventory Purchase 11 units at $39 $429 8 units at $40 320 Nov. 30 Purchase 12 units at $42 5041 Available for sale: 31 units $1,253 There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using th (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal olaces and your final answer to the nearest whole dollar).

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