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 18 units at $48 $864 Aug. 13 Purchase 7 units at $49 343 Nov. 30 Purchase 5 units at $50 250 Available for sale 30 units $1,457 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 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) method b. Last-in, first-out (LIFO) method C. Weighted average cost method FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: 28 units at $49 Beginning inventory Sale First purchase 22 units at $71 30 units at $52 Sale Second purchase 27 units at $73 15 units at $55 Sale 12 units at $73 The firm uses the perpetual inventory system, and there are 12 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO