periodic inventory using fifo, lifo, and weighted average cost methods the units of an item available for sale during the year were as follows: date line item description units cost per unit amount jan. 1 inventory 17 units at $26 $442 aug. 13 purchase 5 units at $28 140 nov. 30 purchase 4 units at $30 120 available for sale 26 units $702 there are 13 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). line item description amount a. first-in, first-out (fifo) method $fill in the blank 1 b. last-in, first-out (lifo) method $fill in the blank 2
