Periodic Inventory UsingFIFO,LIFO, andWeighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory4units at $30$120Aug. 13Purchase13units at $33429Nov. 30Purchase15units at $35525Available for sale32units$1,074There are 10 units of the item in thephysical inventoryat December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).a.First-in, first-out (FIFO)$fill in the blank 1b.Last-in, first-out (LIFO)$fill in the blank 2c.Weighted average cost$fill in the blank 3Accounting Business Financial Accounting ACCOUNTING 201
