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: $\begin{array}{|ll|l|l|}\hline \text { January } & 11 & \text { Inventory } & 60 \text { units @ } \$ 145 \\\hline \text { February } & 27 & \text { Purchase } & 90 \text { units @ } \$ 150 \\\hline \text { November } &21 & \text { Purchase } & 75 \text { units } @ \$ 154 \\\hline\end{array}$ There are 48 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 average cost method. Show your work.