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 7 units at $36 Aug.7 Purchase 17 units at $38 Dec. 11 Purchase 13 units at $39 252 507 37 units $1,405 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 (o 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) b. Last-in, first out (LIFO) c. Weighted average cost Submit Answer Try Another Version