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 $27 |
$459 |
| July 7 |
Purchase |
14 |
units at $29 |
406 |
| Nov. 23 |
Purchase |
13 |
units at $30 |
390 |
| Available for sale |
44 |
units |
$1,255 |
There are 13 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 (round per unit cost to two decimal places and your final answer to the nearest whole dollar).