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The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
18 units at $1,440
Feb. 17
Purchase
36 units at $1,656
July 21
42 units at $1,872
Nov. 23
24 units at $1,980
There are 32 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the weighted average cost method.
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