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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: Jan. 1 Inventory 16 units at $38 $608 Aug. 13 Purchase 8 units at $39 312 Nov. 30 Purchase 20 units at $40 800 Available for sale 44 units $1,720 There are 26 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) me

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