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 10 units at $44 $440 July 7 Purchase 12 units at $45 540 Purchase 18 units at $47 Nov. 23 846 40 units $1,826 There are 20 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 (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) Last-in, first-out (LIFO) b. c. Weighted average cost Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 106 units @ $26 5 Sale 85 units 11 Purchase 118 units @ $29 21 Sale 99 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 $ b. Inventory on January 31