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. 1Inventory12units at $3,900$46,800Aug. 7Purchase20units at $4,00080,000Dec. 11Purchase15units at $4,10061,500 47units$188,300

There are 16 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)$fill in the blank 1b.Last-in, first-out (LIFO)$fill in the blank 2c.Weighted average cost$fill in the blank 3