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find the answers to this problem. Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during

find the answers to this problem.

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 14 units at $4,800 $67,200
Aug. 7 Purchase 17 units at $5,100 86,700
Dec. 11 Purchase 12 units at $5,200 62,400
43 units $216,300

There are 18 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

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