Periodic Inventory UsingFIFO,LIFO, and Weighted Average Cost Methods

The units of an item available for sale during the year were as follows:

Jan. 1Inventory8units at $44$352Aug. 7Purchase16units at $45720Dec. 11Purchase11units at $4751735units$1,589

There are 20 units of the item in thephysical inventoryat 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$