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 4 units at $43 Aug. 7 Purchase 18 units at $44 Dec. 11 Purchase 15 units at $45 $172 792 675 $1,639 37 units ermine the inventory cost There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Det using (e) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (e) the weighted average cost method 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 PreviousNext Check My Work 2 more Check My Work uses remaining. Email instructor Save and Exit Submit Assignment for Grading All work saved