Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The arits of on tem available for sale during the year were as fo gas Jan. 1 Inventory 5 4715 9: $31 $155 Aug 13 Purchase 16 un :s a: $32 5:2 New. 30 Pure 10:9 9 47 1 9: $33 297 Aws able for sale 30 units 5964 There are 16 urits of the item in the physical inventory at December 31. The periodic inventory System is uses. Determine the inventory cost using the (a) Firs:-In, first-out (FIFO) method; (D) last-in, First-out (LIFO) method; and (c) weighted average cost method (round perour : cost to trio decimal places and your feel answer to the nearest whole del er). a. First-In, first-out (FIFO) X b. Last-in, first-out (LIFO) c. We ghied average cost