Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows lan 1 Inventory 8 units at 55,000 340,000 Aug 7 Purchase 19 units at $5,300 100,700 Dec. 11 Purchase 13 units at $5,500 71,500 40 units $212,200 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cout using (a) the first in, first-out (ro) methat the last festa (LJFC) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). A First in, first-out (FIFO) b. Lasten, first-out (LIFO) c Weighted average cost Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,055 units $136 Feb. 17 Purchase 1,395 units $137 July 21 Purchase 1.545 units $139 Nov. 23 Purchase 1,130 units $139 There are 1,205 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first in, first-out method b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. own How Printem Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units $104 Mar. 10 Purchase 60 units $112 Aug. 30 Purchase 30 units 5116 Dec. 12 Purchase 70 units $120 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dolan Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) S b. Last-in, first-out (LIFO) c. Weighted average cost How Periodic Inventory Using Firo, LIFO, and weighted Average Cost Methods The units of an item valable for sale during the year were as follows: Jan. 1 Inventory 8 units at $5,000 540,000 Aug. 7 Purchase 19 units at 55,300 100,700 Dec. 11 Purchase 13 units at 55,500 71,500 $212,200 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is sed. Determine the inventory conting) the first to those who (LIFO) method, and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole datar) First in, forst-out (FIFO) Last-in, first-out (LIFO) Weighted average cost 40 hits a. b