1. Periodic inventory by three methods 2 The units of an item available for sale during the year were as follows: Quantity Price CO NOWN- Jan. 1, beginning inventory Feb. 17, purchase Jul. 21, purchase Nov. 23, purchase Dec. 31, ending inventory 975 1,570 1,400 1,055 1,000 $17 $19 $21 Using formulas and cell references, perform the required analysis, and input your answers into the Inventory Cost column. Transfer the numeric results for the green entry cells (B14:B16) into the appropriate 11 fields in CNOWv2 for grading. 12 Method 14 FIFO 15 LEO 16 Weighted average cost Inventory Cost Formulas -$54,845 =C8*B8+(B9-B8)*B7 Data eBook Show Me How Unice 365 Calculator The units of an item available for sale during the year were as follows: Jan. 1 Inventory 975 units at $15 Feb. 17 Purchase 1,570 units at $17 Jul. 21 Purchase 1,400 units at $19 Nov. 23 Purchase 1,055 units at $21 There are 1,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. b. Determine the inventory cost by the last in, first-out method. Round your answer to the nearest dollar. c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation. Round your answer to the nearest dollar