Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

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

There are $17$ units of the item in the physical inventory at 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.

a$.$ First$-$in$,$ first$-$out $($FIFO$)$ method

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$ method

c$.$ Weighted average cost method

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