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 Dec. 11 Purchase Inventory 8 units at $2,800 Purchase 16 units at $3,000 $22,400 48,000 14 units at $3,200 38 units 44,800 $115,200 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) Last-in, first-out (LIFO) C. Weighted average cost