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

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Accounting

Periodic Inventory by Three Methods

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

Jan. 1 Inventory 10 units @ $27
Feb. 17 Purchase 18 units @ $29
July 21 Purchase 15 units @ $30
Nov. 23 Purchase 20 units @ $31

There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used.

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

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

c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. $fill in the blank 3

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