Periodic Inventory Using AIFO, UFO, and Weighted Average Cost Methods The units of an item avalable for sale during the year were as follows: There are 29 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, fir out (FIFO) method; (b) fast-in, first-out (LFO) method; and (c) weighted average cost method (round per-unit cost to twa decimal places and your final answer to th nearest whole dollar). Frutbock renea My Won: a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchated. 0. When the UFO 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 weighted average method. The average cost method uses the average unit cost for determining cost of ge sold and the ending inventery