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eBookShow Me How Question Content Area Periodic inventory using FIFO, LIFO, and weighted average cost...

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Accounting

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Periodic inventory using FIFO, LIFO, and weighted average cost methods
The units of an item available for sale during the year were as follows:
Date Line Item Description Units Cost per Unit Amount
Jan. 1 Inventory 13 units at $38 $494
Aug. 13 Purchase 8 units at $40320
Nov. 30 Purchase 9 units at $41369
Available for sale 30 units $1,183
There are 18 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).
Line Item Description Amount
a. First-in, first-out (FIFO) method $fill in the blank 1
b. Last-in, first-out (LIFO) method $fill in the blank 2
694
c. Weighted average cost method $fill in the blank 3
710

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