There are 16 units of the item in thephysical inventoryat December 31. The periodic inventory system is used.
Jan 1. Inventory 9 units at $360Feb 17. Purchase 18 units at $414July 21. Purchase 21 units at $468Nov. 23 Purchase 12 units at $495
a.Determine the inventory cost by the first-in, first-out method.
b.Determine the inventory cost by the last-in, first-out method.
c.Determine the inventory cost by the average cost method.