eBook Show Me How Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods Print Item The units of an item available for sale during the year were as follows: Jan. 1 Aug. 7 Inventory Purchase 11 units at $3,800 $41,800 15 units at $3,900 58,500 Dec. 11 Purchase 10 units at $4,000 36 units 40,000 $140,300 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