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 Aug. 7 Purchase 12 units at $3,400 $40,800 15 units at $3,600 54,000 Dec. 11 Purchase 15 units at $3,700 42 units 55,500 $150,300 There are 18 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) 66,300 < b. Last-in, first-out (LIFO) 62,400 c. Weighted average cost 3,566