Inventories-Part II Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $7,200 20 units at $360 Inventory Jan. 1 260 units at $342 88,920 Aug. 13 Purchase 14,280 40 units at $357 Nov. 30 Purchase 320 units $110,400 Available for sale There are 57 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. $ First-in, first-out (FIFO) method a. b. Last-in, first-out (LIFO) method > c. Weighted average cost method C