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Again, wondering what I did wrong. LIFO is right, all the others are wrong. Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The

Again, wondering what I did wrong. LIFO is right, all the others are wrong.

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 11 units at $48 $528
Aug. 13 Purchase 18 units at $49 882
Nov. 30 Purchase 7 units at $51 357
Available for sale 36 units $1,767

There are 22 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) 1122
b. Last-in, first-out (LIFO) 1067
c. Weighted average cost 534

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