Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 10 units at $45 $450 Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 19 units at $47 893 10 units at $48 480 39 units $1,823 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) b. Last-in, first-out (LIFO) c. Weighted average cost Feedback Check My Work When the FIFO method is used, costs are included in cost of merchandise sold in the order in