8.2.1 Presented below is information related to Blowfish radios for the Metlock Company for the month of July.

Date		Transaction		Units In		Unit Cost		Total		Units Sold		Selling Price		Total
July 1		Balance		200		$4.20		$ 840
6		Purchase		1,600		4.30		6,880
7		Sale								600		$6.80		$ 4,080
10		Sale								600		7.10		4,260
12		Purchase		800		4.60		3,680
15		Sale								400		7.20		2,880
18		Purchase		600		4.70		2,820
22		Sale								800		7.20		5,760
25		Purchase		1,000		4.68		4,680
30		Sale								400		7.30		2,920
		Totals		4,200				$18,900		2,800				$19,900

Question:

Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Weighted-average cost

$ _____

Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average.

		(1) FIFO		(2) LIFO		(3) Weighted-Average
Ending Inventory at July 31		$		$		$

Which of the methods used above will yield the lowest figure for gross profit for the income statement?

LIFO,FIFO, or Weighted-average method?

Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet?

Weighted-average, FIFO, LIFO