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	14	units at $32	$448
Aug. 13	Purchase	16	units at $34	544
Nov. 30	Purchase	20	units at $36	720
Available for sale		50	units	$1,712

There are 30 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)	1060
b.	Last-in, first-out (LIFO)	?
c.	Weighted average cost	1027