Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $49 $343 July 7 Purchase 12 units at $52 624 Nov. 23 Purchase 15 units at $54 810 34 units $1,777 There are 17 units of the item in the physical inventory at December 31. The perlodic inventory system is used. Determine the inventary 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 (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 (UFO) c. Weighted average cost