Natalya,
I want you to know what FIFo, LIFO and weighted Average means in the first place before you start to do your work.
FIFO is first in first out. And periodic inventory method is the method that uses physical count at the end of the year and not at the end of the period like perpertual. So there is no cost of goods sold under periodic. Whenever you see periodic, think about purchases and perpertual inventory, that's when cogs comes in.
So in periodic fifo, you start with your beg. Inv. And the cost and find your total. You will have to make a chart of accts. Like date, transaction, cogs and ending inv that is the balanc sheet products.
From the beg. Inv and on may 5, purch. 50 @14 and sold 70, the first in first out method, you take the 70 that was sold from your beg. Inv because its fifo at the unit cost of 12, and you will left with 30 units actually from your beg. Inv. On that first shelf. Before you move down to the second shelf if the first shelf is empty according to fifo rule. I hope I help you a little and good luck in your studies.
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