9:30 v2.cengagenow.com 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 30 units at $460 $13,800 Aug. 13 Purchase 330 units at $437 144,210 Nov. 30 Purchase Available for sale 50 units at $456 410 units 22,800 $180,810 There are 73 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. a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method a. When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. c. The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining cost of merchandise sold and the ending merchandise inventory.