there are 14 units of the item in physical inventory at December 31. The periodic

eBook Show Me How Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an iterm available for sale during the year were as folows: Jan. 1 Inventory13 units at $49 Aug. 7 Purchase Dec. 11Purchase 11 units at $51 10 units at $53 34 units $637 561 530 $1,728 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (o) the first-in, first-out (FIFO) method: (b) the tast-in, first-out (LIFO) method: and (c) the weighted average cost method (round per unit cost to two decimal pla and your final answer to the nearest whole doftar). First-in, first-out (FIFO) bLast-in, first out (LIFO) c. Weighted average cost a. 734 V 688V a. When the FIFO method is used, costs are indluded in cost of merchandise 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. c. The average cost method is sometimes calfed the weighted average method. The average cost method uses the average unit cost for determining cost of merchandise sold and the ending merchandise inventory. Check My Work Previous Next