The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $41 $451 Aug. 13 Purchase 17 units at $44 748 Nov. 30 Purchase 18 units at $46 828 Available for sale 46 units $2,027 There are 28 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) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $

A. $1,620

B.$1,199

C. $1,234

Explanation:

A. Calculation to Determine the inventory cost using the first-in, first-out (FIFO) method

First in first out = (18*46+18*44)

First in first out =$828+$792

First in first out =$1,620

Therefore the inventory cost using the first-in, first-out (FIFO) method is $1,620

B. Calculation to determine the inventory cost using the last-in, first-out (LIFO) method

Last in first out = (11*41+17*44)

(11-28=17)

Last in first out =$451+$748

Last in first out =$1,199

Therefore the inventory cost using the last-in, first-out (LIFO) method is $1,199

C.Calculation to determine the inventory cost using the Weighted average cost method

Weighted average = ($2,027/46)*28

Weighted average =$44.0652*28

Weighted average =$1,234

Therefore the inventory cost using the Weighted average cost method is $1,234

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