There are 49 units in the physical inventory at Dec. 31. The periodic inventory system is used. Determine the dollar value of the 49 units of the ending inventory by (a) the FIFO (first-in, first-out) method (b) the LIFO (last-in, first-out) method (c) the Average Cost method. 26) The following article appeared in area newspapers on Saturday, December 11, 2010: NEW ROCHELLE, N.Y. - A Catholic nun who ran a suburban New York City college's finances embezzled more than $850,000 and spent it on herself, federal prosecutors said Friday. The U.S. attorney in Manhattan said Sister Marie Thornton used lona College funds for her personal expenses from 1999 to 2009. As vice president of finance, she submitted false invoices and had lona pay her credit card bills, the complaint said. It did not detail her expenses