Bookmarks Window Help eBook Show Me How 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 Inventory 15 units at $31 $465 Aug. 13 Purchase 10 units at $34 340 Nov. 30 Purchase 4 units at $35 140 Available for sale 29 units $945 There are 12 units of the item in the physical inventory at December 31. The periodic inve and (c) weighted average cost method (round per-unit cost to two decimal places and you a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost ..... Check My Work s. When the FIFO method is used, costs are included in cost of goods sold in the order in b. When the LIFO method is used, the cost of the units sold is the cost of the most recent c. The average cost method is sometimes called the weighted average method. The averag GO