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 7 units at $33 $231
july 7 purchase 14 units at $36 504
nov. 23 purchase 19 units at $38 722
40 units $1,457
there are 16 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 (round per unit cost to two decimal places and your final answer to the nearest whole dollar).