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 10 units at $3,200 $32,000

Aug. 7 Purchase 18 units at $3,400 61,200

Dec. 11 Purchase 12 units at $3,600 43,200

40 units $136,400

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 (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 $______________