Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $47 $329 Purchase 20 units at $49 980 Aug. 13 Nov. 30 Purchase 11 units at $51 561 Available for sale 38 units $1,870 There are 18 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 lost-in, first-out (LF) method; and (c) the weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar), a First-in, first-out (FIFO) 27,832 X b. Last-in, first-out (LIFO) 16,660 X C Weighted average cost 1,870 X