Periodic Inventory Using FIFO,LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 17 | units at $27 | $459 |
| July 7 | Purchase | 14 | units at $29 | 406 |
| Nov. 23 | Purchase | 13 | units at $30 | 390 |
| Available for sale | 44 | units | $1,255 | |
There are 13 units of the item in thephysical 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).
| a. | First in, first out (FIFO) | $ |
| b. | Last in, first out (LIFO) | $ |
| c. | Weighted average cost | $ |