Inventory by Three Methods

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

Jan.1	Inventory	17 units @ $38 per unit
Feb. 17	Purchase	4 units @ $40 per unit
Jul. 21	Purchase	11 units @ $42 per unit
Nov. 23	Purchase	12 units @ $44 per unit

There are 22 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost under each of the following methods.

a. Determine the inventory cost by the first-in, first-out method. $

b. Determine the inventory cost by the last-in, first-out method. $

c. Determine the inventory cost by the average cost method. When computing your answer, round the average cost per unit to the nearest whole dollar. $