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 18 units at $43 $774
Aug. 13 Purchase 11 units at $44 484
Nov. 30 Purchase 5 units at $45 225
Available for sale 34 units $1,483
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 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).