there are 11 units of the item in the physical inventory at december 31 the periodic 549600

PE 7-4A Periodic inventory using FIFO, LIFO, average cost methods

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

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Jan.

1

Inventory

12 units at $45

$ 540

July

7

Purchase

18 units at $50

900

Nov.

23

Purchase

15 units at $54

810

Available for sale

45 units

45 units

There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the average cost method.

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