nga Drake, Accorting for Merchandsl eBook Show Me How Print Item 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 Inventory12 units at $5,400 $64,800 Aug. 7 Purchase 18 units at $6,000 Dec. 11 Purchase 15 units at $6,480 108,000 97,200 $270,000 Available for sale 45 units There are 14 units of the item in the physical inventory at December 31. The perlodic inventory system is used. first in, first-out (FIFO) method; (b) the last-in, first-out (LIFo) method; and (c) the welghted average cost method. a. First-in, first-out (FIFO) method b. Last-in, first out(LIFO) method Determine the inventory cost using (a) the Kc. Weighted average cost method Feedback Check My Work a 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 LIFO method is used, the cost of the unts 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 untcost or de ermine sold and the ending merchandise inventory Learning Objective 4 t or mechan se (Pi Check My Work Previous Next rP ^ 11:12 AM 3/23/2018