Aug. 7 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 $4,800 $57,600 Purchase 17 units at $5,000 85,000 Dec. 11 Purchase 11 units at $5,100 56,100 40 units $198,700 There are 20 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 (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-In, first-out (FIFO) 1,152,00 b. Last-in, first-out (LIFO) 101,100 X c. Weighted average cost