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: Date

Periodic inventory using FIFO, LIFO, and weighted average cost methods

The units of an item available for sale during the year were as follows:

Date	Line Item Description	Units	Cost per Unit	Amount
Jan. 1	Inventory	17 units	at $27	$459
Aug. 13	Purchase	6 units	at $28	168
Nov. 30	Purchase	16 units	at $30	480
	Available for sale	39 units		$1,107

There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (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 places and your final answer to the nearest whole dollar).

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

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