Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 12 units at $5,400 $ 64,800 Aug. 7 Purchase 18 units at $6,000 108,000 Dec. 11 Purchase 15 units at $6,480 97,200 Available for sale 45 units $270,000 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using

(a) the first-in, first-out (FIFO)

method;

(b) the last-in, first-out (LIFO) method; and

(c) the weighted average cost method.