h 7-2 Practice Exercises 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 6 units at $37 $222 Aug. 7 Purchase 16 units at $39 624 Dec. 11 Purchase 10 units at $41 410 32 units $1,256 There are 20 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. Assignment Score: 50% Submit Assignment for Grading