Question: Periodic Inventory Using FIFO, LIFO, and Welghted Average Cost Methods The units of an item available for sale during the year were as follows: Jan.

Periodic Inventory Using FIFO, LIFO, and Welghted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $36 $360 Aug. 7 Purchase 17 units at $39 663 Dec. 11 Purchase 14 units at $40 560 $1,583 41 units There are 20 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 (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 (LIFO) Weighted average cost a

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