eBook Show Me How Office 365 Periodic Inventory by three methods The units of an item available for sale during the year were as follows: Feb. 17 Purchase 2,800 units at $5 3,300 units at Jul 21 Purchase $7 Nov. 23 Purchase 1,300 units at $9 There are 1,900 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 fil 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 $ Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar $ Feedback a Note that this exercise uses the periodic inventory system FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory costs for the period are calculated i purchase price. If the number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory items must be recorded at the second most recent purchase or b. Note that this exercise uses the periodic inventory system. LIFO means the last units purchased are assumed to be the first to be sold. Therefore the ending inventory for the period is made up of the earia greater than the units in the beginning inventory, the excess units will be recorded at the next oldest cost associated with the first purchase Note that this problem uses the periodic inventory system Weighted average cost means the average cost of all available units purchased is applied to the number of units sold and those in ending invent sale by the number of units available for sale. Then multiply the number of items remaining in the physical inventory times this unit cost