RentMain.do?invoker Calculator 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 12 units at $5,400 Aug. 7 Purchase 18 units at $6,000 Dec. 11 Purchase 15 units at $6,480 $64,800 108,000 97,200 $270,000 Available for sale 45 units There are 14 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 a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method