Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

The units of an item available for sale during the year were as follows:

method.

a$.$ First$-$in$,$ first$-$out $($FIFO$)$ method $\backslash (\backslash$mathbf$\{$x$\}\backslash )$

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$ method $\backslash (\backslash$checkmark $\backslash )$

C$.$ Weighted average cost method

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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 LFO method is used, the cost of the units sold ia the cost of the most recent purchases.