college - 8 & Course ACC-120-H02 Principle xx & CengageNOWV2/Online teach xx+ Igagenow.com 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 8 units at $3,800 Aug. 7 Purchase 16 units at $3,900 $30,400 Dec. 11 Purchase 14 units at $4,100 bar(38) units 62,400 There are 16 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 (UFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to