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 10 units at $3,400 $34,000 Aug. 7 Purchase 18 units at $3,600 64,800 Dec. 11 Purchase 11 units at $3,700 40,700 39 units $139,500 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Det cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted ave (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) 74,000.0 X b. Last-in, first-out (LIFO) 70,000.0 c. Weighted average cost 72,000.0 X