PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ.4 The units of an item available for sale during the year were as follows: Jan. 1 Aug. 7 Inventory Purchase Purchase 15 units at $4,000 $ 60,000 21 units at $4,600 96,600 Available for sale 18 units at $5,100 54 units 91,800 $248,400 Dec. 11 There are 17 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