Question: 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.

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	9	units at $47	$423
Aug. 13	Purchase	4	units at $48	192
Nov. 30	Purchase	14	units at $50	700
Available for sale		27	units	$1,315

There are 8 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
b.	Last-in, first-out (LIFO)	Fill in the blank
c.	Weighted average cost	Fill in the blank

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