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 11 units at $40 $440 Aug. 7 Purchase 615 15 units at $41 12 units at $43 Dec. 11 Purchase 516 38 units $1,571 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 11 units at $40 $440 Aug. 7 Purchase 615 15 units at $41 12 units at $43 Dec. 11 Purchase 516 38 units $1,571