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 14 units at $43 $602 Aug. 7 Purchase 19 units at $46 874 Dec. 11 Purchase 13 units at $48 624 46 units $2,100 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 b. First-in, first-out (FIFO) Last-in, first-out (LIFO) C Weighted average cost