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Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Date

Periodic inventory using FIFO, LIFO, and weighted average cost methods
The units of an item available for sale during the year were as follows:
Date Line Item Description Units Cost per Unit Amount
Jan. 1 Inventory 17 units at $50 $850
Aug. 13 Purchase 7 units at $53371
Nov. 30 Purchase 6 units at $55330
Available for sale 30 units $1,551
There are 18 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).

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