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 10 units at $42 $420 July 7 Purchase 13 units at $45 585 Nov. 23 Purchase 13 units at $47 611 36 units $1,616

The units of an item available for sale during the year were as follows: There are 11 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 (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO)