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 17 units at $49 $833 20 units at $52 1,040 July 7 Nov. 23 Purchase Purchase 6 units at $54 324 43 units $2.197 There are 17 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 in, first-out (FIFO) method; (b) the last-in, first-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). 3. b. First-in, first-out (FIFO) Last-in, first-out (LFO) Weighted average cost