PE 6-5B Periodic inventory using FIFO LIFO and weighted average cost methodsThe

PE 6-5B Periodic inventory using FIFO LIFO and weighted average cost methodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory20 units at $360$ 7200Aug. 13Purchase260 units at $34288920Nov. 30Purchase40 units at $35714280Available for sale320 units$110400There are 57 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.