Pericdic inventory using FIFO, 4F0, and weighted average cost methods The units of an item avaliable for sale during the year were as follows: There are 17 units of the item in the physicat inventory at December 31. The periodic invertory system is used. Determine the inventory cosk using the (0) first-in, finstout (FIFO) methed; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar) Foner My win: a. When the FIFO method is used, costs are indused in cost of goods soid in the order in which they were purchased. b. When the uro method is used, the cost of the units sold is the cost of the mest recent purchases. c. The average cost method is sometines called the weighted average method. The average cose method vies the average unit cost for determinitig cout of goods sold and the ending inventory