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

Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: 18 units at $27 4 units at $30 8 units at $32 30 units Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase Available for sale There are 18 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). X a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method $486 120 256 $862

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