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 5 units at $41 $205 Aug. 13 Purchase 5 units at $43 215 Nov. 30 Purchase 8 units at $45 360 18 units Available for sale $780 There are 11 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) 350 X b. Last-in, first-out (LIFO) 451 c. Weighted average cost