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 11 units at $41 $451 Aug. 7 Purchase 17 units at $44 748 Dec. 11 Purchase 11 units at $45 495 39 units $1,694 There are 16 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). a. First-in, first-out (FIFO) 1,199 b. Last-in, first-out (LIFO) $ 715 X C. Weighted average cost