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 6 units at $40 $240 Aug. 7 Purchase 18 units at $43 774 Dec. 11 Purchase 14 units at $45 630 38 units $1,644 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 (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (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 dollar). a. First-in, first-out (FIFO) 765 X b. Last-in, first-out (LIFO) 670 x c. Weighted average cost $ 735.42 X Feedback Check My Work a. When the FIFO method is used, costs are included 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 Ch 7-2 Practice Exercises Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Item CK3) 91 $48 $43 BJ54 171 24 27 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit.9