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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 12 units at $46 $552 Aug. 13 Purchase 7 units at $47 329 Nov. 30 Purchase 7 units at $49 343 Available for sale 26 units $1,224 There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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) $ 392 X b. Last-in, first-out (LIFO) $ c. Weighted average cost $ Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. C. The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining cost of goods sold and the ending inventory