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	20	units at $360	$7,200
Aug. 13	Purchase	260	units at $342	88,920
Nov. 30	Purchase	40	units at $357	14,280
Available for sale		320	units	$110,400

There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method.

a.	First-in, first-out (FIFO) method	$
b.	Last-in, first-out (LIFO) method	$
c.	Weighted average cost method	$

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