fill in the blanks

Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 23 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 11 units at $2,040 Nov. 20 Purchase 17 units at $2,100 There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method b. Last-in, first-out method c. Weighted average cost method Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory Feb. Purchase 27 units at $400 per unit 57 units at $460 per unit 62 units at $540 per unit 60 units at $550 per unit June 8 Purchase Oct. 7 Purchase There are 47 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. a. Determine the inventory cost by the first-in, first-out method. $ b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value. Comparing inventory methods Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. 1. In each of the below, select the less than, greater than, or equal sign for each comparison, assuming periods of rising prices. a. FIFO ending inventory b. FIFO cost of goods sold c. FIFO net income d.FIFO income tax LIFO ending inventory LIFO cost of goods sold LIFO net income LIFO income tax 2. Why would management prefer to use LIFO over FIFO in periods of rising prices? In periods of rising prices, the net income shown on the company's tax return would be lower under than under ; thus, there is a tax advantage of using