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. 1Inventory12units 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. 1Inventory12units at $44$528Aug. 7Purchase18units at $47846Dec. 11Purchase14units at $4968644units$2,060

There are 20 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 (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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