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	15	units at $4,000	$60,000
Aug. 7	Purchase	21	units at $4,600	96,600
Dec. 11	Purchase	18	units at $5,100	91,800
Available for sale		54	units	$248,400

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