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 of an Item available for sale during the year were as follows: Jan. 1 Aug. 13 Inventory Purchase 9 units at $40 $360 19 units at $41 779 Nov. 30 Purchase 16 units at $42 672 Available for sale 44 units $1,811 There are 18 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). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C Weighted average cost

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