Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 11 units at $27 9 units at $28 11 units at $30 31 units Jan, 1 Aug. 13 Nov. 30 b. Inventory Purchase C Purchase: Available for sale There are 12 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) Last-in, first-out (LIFO) Weighted average cost $297 252 330 $879