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 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).

Periodic itwentory using FIFO, LFF, and weighted average cost methods The units of an nem available for sale during the year were as follows: There are 17 units of the item in the physicai inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first. out (FIFO) method; (D) last-in, first-out (LIFO) methed; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). Fondisa. rowaviwon a. When the FIFO method la used, costs are induded in cost of goods sold in the order in which they were purchased. b. When the uro method is used, the cost of the units sold is the cost of the most recent purchases. c. The average cost method is sometimes called the neighted average method. The average cout method uses the average unit cost for determining cost of goods sold and the ending imventory