Question: Please answer the blanks. Thank you Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during

Please answer the blanks. Thank you

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 $38	$456
Aug. 13	Purchase	15	units at $41	615
Nov. 30	Purchase	20	units at $43	860
Available for sale		47	units	$1,931

There are 19 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)	$
b.	Last-in, first-out (LIFO)	$
c.	Weighted average cost	$

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