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 11 units at $3,600 $39,600 Aug. 7 Purchase 16 units at $3,800 60,800 Dec. 11 Purchase 15 units at $3,900 42 units 58,500 $158,900 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost usin (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) b. Last-in, first-out (LIFO) C. Weighted average cost Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: 11 units @ $40 Jan. 1 Inventory Feb. 17 Purchase 20 units @ $42 July 21 Purchase 12 units @ $44 Nov. 23 Purchase 13 units @ $46 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required