Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: There are 5 units of the item in the physical inventory at December 31 . The periodic inventory system is us answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. X b. Determine the inventory cost by the last-in, first-out method. X c. Determine the inventory cost by the weighted average, cost method