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 13 units at $25 $325 Aug. 13 Purchase 10 units at $28 2801 Nov. 30 Purchase 15 units at $29 435 Available for sale 38 units $1,040 There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C Weighted average cost Check My Work Previous Next >