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	12	units at $46	$552
Aug. 13	Purchase	13	units at $49	637
Nov. 30	Purchase	9	units at $51	459
Available for sale		34	units	$1,648

There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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 co

2.Lower-of-Cost-or-Market Method

On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10.

Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
JFW1	71	$48	$46
SAW9	136	23	26