Jan. 1 Inventory 16 units at $46 $736 Aug. 13 Purchase 20 units at $48 960 Purchase 19 units at $50 950 55 units $2,646 Nov. 30 Available for sale There are 27 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to 8. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 10 19 0 960 950 $2,646 ntory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method: (b) last-in, first-out thod (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).