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 14 units at $38 $532 Aug. 13 Purchase 16 units at $39 624 Nov. 30 Purchase 4 units at $40 160 Available for sale 34 units $1,316 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determ method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c Weighted average cost 387 Feedback Check My Work a. When the FIFO method is used, costs are included in cost 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 ave