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	30	units at $460	$13,800
Aug. 13	Purchase	330	units at $437	144,210
Nov. 30	Purchase	50	units at $456	22,800
Available for sale		410	units	$180,810

There are 73 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	32,591
c.	Weighted average cost method

I am confused on how to find FiFo and LiFo. If you could write the steps so I can better understand?

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