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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item...

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Accounting

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 4 units at $24 $96
Aug. 13 Purchase 5 units at $26 130
Nov. 30 Purchase 20 units at $28 560
Available for sale 29 units $786

There are 14 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) $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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