Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $3,900 $46,800 Aug. 7 Purchase 17 units at $4,000 68,000 Dec. 11 Purchase 11 units at $4,200 46,200 40 units $161,000 There are 16 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