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	13	units at $42	$546
Aug. 13	Purchase	7	units at $43	301
Nov. 30	Purchase	13	units at $45	585
Available for sale		33	units	$1,432

There are 16 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