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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 12 units at $2,500 $30,000 Aug. 7 Purchase 16 units at $2,700 43,200 Dec. 11 Purchase 15 units at $2,800 42,000 43 units $115,200 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the 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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