Periodic Inventory Uing, and weighted average cost the The units of anbeforduring they were Jon 1 Inventory 9 units at 34,100 $38,700 AU Parth 17 8 54,400 74.800 Dec 11 Purchase 14 54,500 64.400 $177,000 There are units of the item in the price December the periodivery sem stedDermine the entry costing) the first first-otto) metod (b) the last (ro) method, and to the weighted average est method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar), 1. First, tietot (FFO) astrato (LF) Weighted average cott When I methods, costs are included in cost of merchandise old in the order which they were the When the UFO method is the of the the cut of the most recent purch che verge con method omsed the weighted avermout the wegent method uses the autoteening cost of mettants and the $38,700 Aug. 7 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 9 units at $4,300 Purchase 17 units at $4,400 74,800 Dec. 11 Purchase 14 units at $4,600 64,400 $177,900 There are 18 units of the item in the physical Inventory at December 31. The periodic inventory system is used. Determine the inventory cost out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decima answer to the nearest whole dollar). First-in, first-out (FIFO) b. Last-In, first-out (LIFO) C. Welghted average cost 40 units a. 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 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 det merchandise sold and the ending merchandise inventory