how.com/ilm/takeAssignment/take AssignmentMain.do?invoker=&takeAssignmentSessionLocator &inprogress.. Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $30 $390 Aug. 13 Purchase 15 units at $31 465 Nov. 30 Purchase 10 units at $33 330 Available for sale 38 units $1,185 There are 18 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 welghted 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) 330 X b. Last-In, first-out (LIFO) 300 X Weighted average cost 312 x Pattu a. When the FIFO method is used, costs are included in coot 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 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 Learning Objective 4 Check My Work Previous Next All work saved Emre Save Exit Submit Assignment for Gradins de 0 ENG 206 AM