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 7 units at $33 $231 Aug. 13 Purchase 10 units at $36 360 Nov. 30 Purchase 16 units at $38 608 Available for sale 33 units There are 10 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, fins 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). $1,199 a. b. First-in, first-out (FIFO) Last-in, first-out (LIFO) c. Weighted average cost