Question: Periodic Inventory Using FIFO , LIFO , and Weighted Average Cost Methods The units of an item available for sale during the year were as

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

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

Jan. 1	Inventory	19	units at $41	$779
July 7	Purchase	15	units at $44	660
Nov. 23	Purchase	13	units at $45	585
		47	units	$2,024

There are 14 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

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