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 6 units at $33 $198 16 units at $36 576 Aug. 13 Nov. 30 Purchase Purchase 8 units at $37 296 Available for sale 30 units $1,070 There are 9 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) b. Last-in, first-out (LIFO) c. Weighted average cost " Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased