Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

The units of an item available for sale during the year were as follows:

whole dollar$).$

a$.$ First$-$in$,$ first$-$out $($FIFO$)$

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$

c$.$ Weighted average cost

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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.

and the ending inventory.