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 19 units at $50 $950 Aug. 13 Purchase 7 units at $53 371 Nov. 30 Purchase S units at $54 270 Available for sale 31 units $1,591 There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost me unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) V b. Last-in, first-out (LIFO) c. Weighted average cost 446 X 000