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Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,500 units at

Periodic Inventory by Three Methods

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

Jan. 1 Inventory 2,500 units at $5
Feb. 17 Purchase 3,300 units at $6
July 21 Purchase 3,000 units at $7
Nov. 23 Purchase 1,200 units at $8

There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used.

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 weighted average cost method.

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