Question: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1 Inventory
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. Inventoryunits at $$Aug. Purchaseunits at $Nov. Purchaseunits at $Available for saleunits$There are units of the item in the physical inventory at December The periodic inventory system is used. Determine the inventory cost using the a firstin firstout FIFO method; b lastin firstout LIFO method; and c weighted average cost method round perunit cost to two decimal places and your final answer to the nearest whole dollaraFirstin firstout FIFO$fill in the blank bLastin firstout LIFO$fill in the blank cWeighted average cost$fill in the blank
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