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Inventory by Three Methods The units of an item available for sale during the year...

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Accounting

Inventory by Three Methods

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

Jan.1 Inventory 27 units at $200 per unit
Feb. 19 Purchase 56 units at $230 per unit
June 8 Purchase 63 units at $540 per unit
Oct. 7 Purchase 57 units at $275 per unit

There are 46 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost under each of the following methods.

a. Determine the inventory cost by using the first-in, first-out method. $fill in the blank 1

b. Determine the inventory cost by using the last-in, first-out method. $fill in the blank 2

c. Determine the inventory cost by using the weighted average cost method. Round intermediate calculation to cents then round final answer to the nearest whole dollar. $fill in the blank 3

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