Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: January 1 Inventory 73 units @ $15 9 Sale 51 units 13 Purchase 62 units @ $17 25 Sale 28 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31. a. Cost of merchandise sold on January 25 $fill in the blank 1 b. Inventory on January 31 $fill in the blank 2 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 7 units at $4,300 $30,100 Aug. 7 Purchase 19 units at $4,500 85,500 Dec. 11 Purchase 10 units at $4,600 46,000 36 units $161,600 There are 19 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 $fill in the blank 3 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item GY9 are as follows: Mar. 1 Inventory 365 units at $24 8 Sale 305 units 15 Purchase 510 units at $26 27 Sale 325 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31. a. Cost of merchandise sold on March 27 $fill in the blank 1 b. Inventory on March 31 $fill in the blank 2