eBook Show Me How Periodic Inventory Using FIFO, Liro, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $31 $496 Aug. 13 Purchase 20 units at $32 640 Nov. 30 Purchase 12 units at $34 Available for sale 48 units $1,544 408 There are 14 units 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 (FIFO) method; (b) tastin, first out (ro) 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) 472 t. Last-in, first-out (LIFO) Weighted average cost 450 Check My Wor a. When the FIFO method is used, costs are included in cost of goods 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 goods sold and the ending inventory Previous Check My Work Next >