Periodic Inventory UsingFIFO,LIFO, andWeighted Average Cost Methods

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

Jan. 1 Inventory 40 units at $165 $6,600

Aug. 13 Purchase 200 units at $180 36,000

Nov. 30 Purchase 60 units at $200 12,000

Available for sale 300 units $54,600

There are 75 units of the item in thephysical inventoryat 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.

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

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

c. Weighted average cost method $______