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 5 units at $35 $175 Aug. 13 Purchase 20 units at $36 720 Nov. 30 Purchase 14 units at $37 518 Available for sale 39 units $1,413 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), First-in, first-out (FIFO) b. Last-in, first-out (FO) Weighted average cost

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