Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods 189 The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $24 $432 Aug. 13 Purchase 7 units at $27 Nov. 30 Purchase 11 units at $28 308 Available for sale 36 units $929 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost III Purchase-Related Transactions The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30. Cash Accour (2) 150 1,980 (3) (4) 11,880 11,880 1,980 Inventory (1) 13,860 (3) (2) 150 a. Describe each transaction. 1. 2. 3. 4. b. Determine the invoice amount of the merchandise that was returned in (3)