Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were asf Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 7 units at $28 16 units at $29 12 units at $30 35 units $196 $1,020 There are 17 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 (e) 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 21 PM