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:
\table[[Jan.1.,Inventory,40 units at $165,$6,600],[Aug.13,Purchase,200 units at $180,36,000],[Nov.30,Purchase,60 units at $200,12,000],[,Available for sale,300 units,$54,600]]
There are 75 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, firstout (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method.
a. First-in, first-out (FIFO) method
$15,000x
Periodic inventory using FIFO, LIFO, and weighted

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