The following units of an inventory item were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 10 units at $50 25 units at $55 30 units at $60 15 units at $65 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using FIFO is: 28. a $1,250 b. $1,150 c $1,275 d. $1,050 29. The value of ending inventory using LIFO is: a. $1,250 b. $1,150 c. $1,275 d. $1,050 The value of ending inventory using average cost is: 30. a $1.252 b$1,163 c$1,275 d $1,050