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The periodic inventory system is used determine the

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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

20 units at $360

$ 7,200

Aug. 13

Purchase

260 units at $342

88,920

Nov. 30

Purchase

40 units at $357

14,280

Available for sale

320 units

$110,400

There are 57 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.

Reference no: EM13576108

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