The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 10 $55 First purchase 28 60 Second purchase 33 65 Third purchase 20 70 The firm uses the periodic inventory system. During the year, 63 units of the item were sold. The value of ending inventory using LIFO is Your Answer: Answer The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 12 $55 First purchase 26 60 Second purchase 65 Third purchase 18 70 The firm uses the periodic inventory system. During the year, 61 units of the item were sold. The value of ending inventory using FIFO is 34 Your