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 4 units at $3,500 $14,000 Aug. Purchase 17 units at $3,700 62.900 Dec. 11 Purchase 10 units at $3,800 38,000 31 units $114.900 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). a. First-in, first-out (FIFO) 1,070 X b. Last-in, first-out (LIFO) X Weighted average cost 63,009.6 X