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 $3,200	$41,600
Aug. 7	Purchase	16	units at $3,400	54,400
Dec. 11	Purchase	14	units at $3,500	49,000
		43	units	$145,000

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