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

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 11 units at $35 $385 Aug. 13 Purchase 16 units at $37 592 Nov. 30 Purchase 19 units at $39 741 Available for sale 46 units $1,718 There are 23 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) $ xxx C. Weighted average cost $ Feedback

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