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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item...

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Accounting

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
\table[[Jan.1,Inventory,12 units at $2,400,$28,800. Aug. 7, Purchase,15 units @ $2500, $37500. Dec. 11, Purchase, 10 units @ $2600,26000.37 units, $92,300. There are 19 units of the item in the physical inventory at December 31. 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 final answer to the nearest dollar.
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