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: DateLine

Periodic inventory using FIFO, LIFO, and weighted average cost methods
The units of an item available for sale during the year were as follows:
DateLine Item DescriptionUnitsCost per UnitAmountJan. 1Inventory11 unitsat $47$517Aug. 13Purchase6 unitsat $50300Nov. 30Purchase5 unitsat $52260Available for sale22 units$1,077
There are 13 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).

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