Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $672 16 units at $42 Inventory Jan. 1 360 8 units at $45 Purchase July 7 414 9 units at $46 Purchase Nov. 23 $1,446 33 units 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). First-in,first-out (FIFO) a. b. Last-in, first-out (LIFO) Weighted average cost C