There are 33 units of the item in the physical inventory at

Question

The units of an item available for sale during the year were as follows:

Jan.1              Inventory                   18 units at $40

Feb.26           Purchase                     36 units at $46

June18           Purchase                     42 units at $52

Dec.29           Purchase                     24 units at $55

There are 33 units of the item in the physical inventory at December 31. The periodic inventory system isused. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method.