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 15 units at $25 =$375

Aug. 13 Purchase 13 units at $28 =364

Nov. 30 Purchase 13 units at $29 =377

Available for sale 41 units $1,116

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