eBook Show Me How Calculator Printem C 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 12 units at $25 $300 Aug. 7 Purchase 16 units at $28 448 Dec. 11 Purchase 15 units at $29 435 $1,183 43 units There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the first first out (FFO) 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 firal to the nearest whole dolar) b. First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost C Swed Check My Work 2 more Check My Work uses remaining Show Me How Calculator Print tem Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 88 units @ $29 5 Sale 70 units 11 Purchase 98 units @ $31 21 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LFO) method, determine (a) the cost of merchandise sold on May 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 S 82 X b. Inventory on July 31 $ 174 X Feedback Check My Work a When the LIFO method is used the cost of the units sold is the cost of the most recent purchases. Think of your inventory in terms of layers. "Determine how much inventory remains from each layer after each sale b The ending inventory is made up of the oldest purchases