Periodic Inventory UsingFIFO,LIFO, andWeighted Average Cost Methods

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

Jan. 1Inventory17units at $48$816Aug. 13Purchase16units at $51816Nov. 30Purchase5units at $52260Available for sale38units$1,892

There are 23 units of the item in thephysical inventoryat December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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 co