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FIFO, LIFO and average cost method in periodic inventory system Angelo Pic uses a periodic inventory system. The beginning balance of inventory an purchases made by the company during the month of July, 2016 are given below. July 1: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The company sold 1,400 units during the month of July. Required: Compute inventory on July 31, 2016 and cost of goods sold for the month of July using following inventory costing methods; a, LIFO b. FIFO Average cost