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.