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

There are 24 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 average costmethod.

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5 units at $120 65 units at $114 10 units at $119 80 units Jan. 1 Feb. 13 Oct. 30 Available for sale $ 600 7,410 1,190 Inventory Purchase Purchase $9,200