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

Periodic Inventory Using FIFO, UFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan 1 Inventory 10 units at $32 $320 Aug. Purchase 19 units at $35 665 Dec, 11 Purchase 15 units at $36 540 44 units $1,525 There are 19 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 (LFO) Weighted average cost

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