L L LLLLLLL LS SS Locator progress false 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 $40 5 units at 841 July? Purchase 205 Nov. 23 Purchase 16 units at $43 688 33 units $1,373 There are 10 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 (round per unit cost to two decimal places and your final answer to the nearest whole dollar) a. First-In, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost When the FIFO modis contare included in cost of merchandise sold in the order in which they were purchased When the UFO method is used the cost of the old is the cost of the most recent purchases ave method the average cost method the agent costo del cost of The average cost method is sometimes we h chandise old and the ending mechandise inventory Check My Work (previous Next