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: Jan.

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 7 units at $38. $266
aug 13 purchase 17 units at $39 $663
nov 30 purchase 9 units at $40 $360
available for sale 33 units $1289
there are 20 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, fist out (LIFO) $_
c. weighted average cost $_

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