M onorogress true Error A ctiongenen Food Safety Awaren. (159) YouTube ebook Show Me How Calculator Printem Pened Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan Twentory 13 units at $29 $377 2 .7 Purchase 19 units at $31 589 Dec 11 Purchase 12 st $33 305 There are uns e en 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 berstheledollar) a. First in, first-out (riro). b. Last-in, first-ove (LIFO) a weighted average cost | Accounting numeric field] When the FIFO method is used costs are included in cost of merchandise sold in the order in which they were purchased b. when the Liro 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 merchandise sold and the onding merchandise inventory. Ched. My work s are (prerous Next