Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Inventory $160 Jan. 1 July 7 4 units at $40 15 units at $42 Purchase 630 258 Nov. 23 Purchase 6 units at $43 25 units $1,048 There are 12 units of the item in the physical inventory at December 31. The periodic invento out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average co: the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost