Determining Inventory Cost: FIFO, LIFO, and Weighted Average

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 17 units at $42 $714 Aug. 13 Purchase 10 units at $43 430 Nov. 30 Purchase 5 units at $45 225 Available for sale 32 units $1,369 There are 19 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) method 823 b. Last-in, first-out (LIFO) method 800 c. Weighted average cost method 813