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 Aug. 7 Inventory 4 units at $2,900 $11,600 Purchase 17 units at $3,200 54,400 Dec. 11 Purchase 10 units at $3,300 33,000 31 units. $99,000 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost 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 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