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Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Date Line Item Description Units and Cost
Jan. 1 Inventory 6 units at $33
Feb. 17 Purchase 7 units at $35
Jul. 21 Purchase 16 units at $38
Nov. 23 Purchase 9 units at $39
There are 6 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.
a. Determine the inventory cost by the first-in, first-out method.
fill in the blank 1 of 3$
b. Determine the inventory cost by the last-in, first-out method.
fill in the blank 2 of 3$
c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.
fill in the blank 3 of 3$

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