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 16 units at $43 $688 Aug. 13 Purchase 20 units at $45 900 Nov. 30 Purchase 14 units at $47 658 Available for sale $2,246 There are 30 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) lost-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). 50 units a First-In, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost