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 Aug. 13 Inventory Purchase 6 units at $34 $204 5 units at $37 185 Nov. 30 Purchase 9 units at $39 351 Available for sale 20 units $740 There are 8 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). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost The S& Stone Ams