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Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an...

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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:
Date Line Item Description Units Cost per Unit Amount
Jan. 1 Inventory 15 units at $26 $390
Aug. 13 Purchase 11 units at $28308
Nov. 30 Purchase 7 units at $29203
Available for sale 33 units $901
There are 20 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
c. Weighted average cost method $fill in the blank 3

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