Periodic inventory using FIFO, LIFO, an . Learning Objective 4 The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $40 $400 Aug. 13 Purchase 7 units at $43 301 Nov. 30 Purchase 6 units at $45 270 Available for sale 23 units $971 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 the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method IA c. Weighted average cost method $