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 5 units at $32 $160 Inventory Purchase Aug. 7 16 units at $34 544 Dec. 11 Purchase 11 units at $36 396 32 units $1,100 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). 612 x a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 704 X C. Weighted average cost Feedback Check My Work b. When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased. 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 average unit cost for determining cost of merchandise sold and the ending merchandise Inventory. eBook Show Me How Calculator Print Item Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for Meta-B1 are as follows: July 1 Inventory 100 units at $400 12 Sale 70 units 23 Purchase 120 units at $450 26 Sale 110 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31. Previous Next Check My Work 2 more Check My Work uses remaining 9: 7/2 eBook Show Me How Calculator Print item Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 62 units $20 9 Sale 43 units 13 Purchase 51 units $23 28 Sale 26 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the Inventory on May 31. a. Cost of merchandise sold on May 28 b. Inventory on May 31 Next Print Item Lower-of-Cost-or-Market Method On the basis of the data shown below: Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit CK3) 61 $56 $53 VZ31 121 28 33 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit Accounting numeric field