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 $108 4 units at $27 17 units at $28 Aug. 7 Purchase 476 Dec. 11 Purchase 14 units at $30 420 35 units $1,004 There are 20 units of the item in the physical ventory 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 600X a First-in, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost 5 164 X 574