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 | 19 | units at $39 | $741 |
| Aug. 13 | Purchase | 13 | units at $41 | 533 |
| Nov. 30 | Purchase | 11 | units at $42 | 462 |
| Available for sale | 43 | units | $1,736 | |
There are 13 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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