The Units of an Item Available for Sale During the Year

Essay

The units of an item available for sale during the year were as follows: $$\begin{array} { | l c | l | l | } \hline \text { January } & 10 & \text { Inventory } & 27 \text { units } @ \$ 90 \\\hline \text { February } & 27 & \text { Purchase } & 54 \text { units } @ \$ 98 \\\hline \text { July } & 11 & \text { Purchase } & 63 \text { units } @ \$ 106 \\\hline \text { November } & 13 & \text { Purchase } & 36 \text { units } @ \$ 115 \\\hline\end{array}$$ There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by a) the first-in, first-out method, b) the last-in, first-out method, and c) the average cost method. Show your work.