Periodic Inventory UsingFIFO,LIFO, and Weighted Average Cost Methods

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

Jan. 1Inventory14units at $28$392Aug. 7Purchase18units at $29522Dec. 11Purchase13units at $3140345units$1,317

There are 16 units of the item in thephysical inventoryat 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 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)$b.Last-in, first-out (LIFO)$c.Weighted average cost$