Example Exercise 7-5 The units of an item available for sale during the year were as follows: SHOW ME HOW Aug. 7 Jan. 1 Inventory Purchase Dec. 11 Purchase Available for sale 12 units at $5,400 $ 64 800 18 units at $6,000 108,000 15 units at $6,480 97,200 45 units $270,000 There are 14 units of the item in the physical inventory at December 3. 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