The units of an item available for sale during the year were as follows: Jan. 1...

 

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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $29 $116 Aug. 13. Purchase 18 units at $32 576 Nov. 301 Purchase 14 units at $33 462 Available for sale 36 units $1,154 There are 14 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 555 X The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $29 $116 Aug. 13. Purchase 18 units at $32 576 Nov. 301 Purchase 14 units at $33 462 Available for sale 36 units $1,154 There are 14 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 555 X