Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $33 $363 Aug. 13 Purchase 18 units at $35 Nov. 30 Purchase 11 units at $37 407 Available for sale $1,400 630 40 units There are 18 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 (FIN) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). First in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost Previous