Question

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method.

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

Jan. 1	Inventory	9	units at $30	$270
Aug. 13	Purchase	20	units at $33	660
Nov. 30	Purchase	12	units at $34	408
Available for sale		41	units	$1,338

There are 17 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 weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).

a.	First-in, first-out (FIFO)	$fill in the blank 1
b.	Last-in, first-out (LIFO)	$fill in the blank 2
c.	Weighted average cost	$fill in the blank 3

Answer 1