Chapter 6 Homework eBook Show Me How Calculator 249 Periodic Inventory Using FIFO, UFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $46 $552 Aug. 13 Purchase Sunits at $48 Nov. 30 Purchase 10 units at $50 500 Available for sale 27 units $1,292 There are 11unts of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine the inventory cost using the (a) first in, first-out (FFO) method: (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your finanswer to the nearest whole dollar). a. First-in, first-out (FIFO) 550 X 5. Last-In, first-out (FO) 600 X 6 Weighted average cost 5267 Chapter 6 Homework ebook Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $50 Feb. 17 Purchase 6 units at $51 Jul 21 Purchase 18 units at $2 Nov. 23 Purchase 8 units at $53 There are 9 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 476 b. Determine the inventory cost by the last-in, first-out method 652 X c. Determine the inventory cost by the weighted average cost method. 464