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 $50 $350 July 7 Purchase 14 units at $53 742 Nov. 23 Purchase 16 units at $54 864 37 units $1,956 There are 18 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 (c) 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) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3