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 9 units at $46 5414 Aug. 7 15 units at $48 Purchase Purchase Dec. 11 720 700 14 units at $50 8 units $1,834 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 first-out ( O) method; (b) the last in, furst-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. b. Forston, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost