The units of an item available for sale during the year were as follows:
Jan. ... 1 ...... Inventory ........... 12 units at $5,400 $ 64,800
Aug. .. 7 ...... Purchase ............. 18 units at $6,000 108,000
Dec. 11 ....... Purchase ............... 15 units at $6,480 97,200
Available for sale ....................... 45 units ....... $270,000
There are 14 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?