There are 30 units of the item in the physical inventory at December 31. The per

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There are 30 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 (rounded to the nearest whole dollar).

a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Average cost $ There are 30 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 (rounded to the nearest whole dollar).

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