The units of an item available for sale during the year were as follows:

Date	Line Item Description	Units	Cost per Unit	Amount
Jan. 1	Inventory	19 units	at $34	$646
Aug. 13	Purchase	5 units	at $37	185
Nov. 30	Purchase	6 units	at $38	228
	Available for sale	30 units		$1,059

There are 18 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).

Answer rating: 100% (QA)

To determine the inventory cost using different methods well first calculate the cost of the ending ... View the full answer