Beginning inventory and purchases as follows:
Beg Inv... 7 @ $104
1st purch... 12 @ $103
2nd purch... 19 @ $105
3rd purch... 11 @ $107
Use periodic system. 19 units were left in inventory at the end of the period.
Determine the cost of the 19 units in the inventory by each method, show work.
1) FIFO
2) LIFO
3) average cost