The units of an item available for sale during the year were as follows:
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Jan. 1
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Inventory
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18 units at $1,440
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Feb. 17
|
Purchase
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36 units at $1,656
|
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July 21
|
Purchase
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42 units at $1,872
|
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Nov. 23
|
Purchase
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24 units at $1,980
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There are 32 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the weighted average cost method.