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

There are 38 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 cost method.objs. 4, 5

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Jan. 1 Apr. 20 Nov. 30 Available for sale Inventory 18 units at $300 $ 5,400 Purchase 46 units at $275 12,650 Purchase 36 units at $250 9,000 100 units $27,050