Periodic Inventory by Three Methods

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	11 units at $38
Feb. 17	Purchase	18 units at $39
Jul. 21	Purchase	15 units at $42
Nov. 23	Purchase	20 units at $43

There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.

a. Determine the inventory cost by the first-in, first-out method.

$

fill in the blank 1

b. Determine the inventory cost by the last-in, first-out method.

$

fill in the blank 2

c. Determine the inventory cost by the weighted average cost method.