Calculator Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: $1,612 Jan. 1 Inventory 15 units at $35 $525 Aug. 7 Purchase 18 units at $36 668 Dec. 11 Purchase 12 units at $37 45 units a ) the first in, first out (FFO) method; There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost (b) the last in, first-out (LFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your face to the newest whole dar) a. First-in, first-out (FIFO) b. Last-in, first-out (FO) C Weighted average cost