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 12 units at $41 $492 836 Aug. 13 Nov. 30 Purchase Purchase 19 units at $44 14 units at $46 644 Available for sale 45 units $1,972 There are 20 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 last-in, first-out (LIFO) 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) b. Last-in, first-out (LIFO) C. Weighted average cost