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

Aug. $13$ Purchase

Nov. $30$ Purchase

Available for sale

There are $21$ 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$).$

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

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

c$.$ Weighted average cost method

When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased.

b$.$ When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases.

The average cost method is sometimes called the weighted average method. The average cost method uses the

average unit cost for determining cost of goods sold and the ending inventory.