Penodic invervtory using FIFO, LIFO, and weighted ayerage cost methods The units of an item aviatolle for sole during the year were as follows: There are 17 units of the item in the plysical inventary at December 31 . The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (fIFO) method; (b) lont-in, first-out (UfO) method; and (c) weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. When the riro method is used, costs ace included in cost of goods sold in the order in which they were purchased. b. When the Lifo method is used, the cost of the unis wold is the cost of the most recent polchases. c. The average cost method is someticties called the weighted average method. The aviroge sost method unes the average init cost for determining cost of goods sold and the ending imventory