Question: Periodic Inventory UsingFIFO,LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1Inventory30units at

Periodic Inventory UsingFIFO,LIFO, and Weighted Average Cost Methods

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

Jan. 1Inventory30units at $460$13,800Aug. 13Purchase330units at $437144,210Nov. 30Purchase50units at $45622,800Available for sale410units$180,810

There are 73 units of the item in thephysical inventoryat 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.

a.First-in, first-out (FIFO) method$fill in the blank 1

b.Last-in, first-out (LIFO) method$fill in the blank 2

c.Weighted average cost method

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