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 Aug. 13 Inventory 16 units at $27 $432 Purchase 14 units at $29 406 Nov. 30 Purchase 15 units at $31 465 Available for sale 45 units $1,303 There are 22 units of the item in the physical inventory at December 31. The pe (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average c dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost EA A 637 Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in b. When the LIFO method is used, the cost of the units sold is the cost of th c. The average cost method is sometimes called the weighted average meth and the ending inventory