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

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

Jan. 1 Inventory 13 units at $34 $442

Aug. 7 Purchase 18 units at $36 648

Dec. 11 Purchase 10 units at $37 370 41 units $1,460

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 (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 $ -------------