There are 22 units of the item in the physical inventory atDecember 31. The periodic inventory system is used. Determine theinventory cost using the (a) first-in, first-out (FIFO) method; (b)last-i Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: There are 22 units of the item in the physical inventory 2 answers