EX 7-8 Periodic inventory by three methods
The units of an item available for sale during the year were as follows:
| Jan. | 1 | Inventory | 9 units at $360 |
| Feb. | 17 | Purchase | 18 units at $414 |
| July | 21 | Purchase | 21 units at $468 |
| Nov. | 23 | Purchase | 12 units at $495 |
There are 16 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.
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