Ch 7-2 Practice Exercises eBook Show Me How Calculator Print item 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 $570 780 Aug. 7 Dec. 11 15 units at $38 20 units at $39 10 units at $41 Purchase Purchase 410 45 units $1,760 There are 17 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) $ b. Last-in, first-out (LIFO) c. Weighted average cost Check My Work 2 more Check My Work uses remaining Previous Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading