eNOWW2 Online teachin x + take Assignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocatorinprogress false eBook Show Me How Video Calculator Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 25 units at $400 per unit Feb. 19 Purchase 55 units at $460 per unit June 8 Purchase 60 units at $540 per unit Oct. 7 Purchase 57 units at $550 per unit There are 48 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. a. Determine the inventory cost by the first in, first-out method. $ 26,400 b. Determine the inventory cost by the last-in, first-out method. s c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value Check My Wor a. In the FIFO method, the first units purchased are assumed to be the first to be sold. Therefore, ending Inventory costs are calculated by taking the number of items remaining in the physical Inventory times the most recent purchase price b. In the LIFO method, the last units purchased are assumed to be the first to be sold. Therefore, ending inventory costs are calculated by taking the number of items remaining in the physical inventory times the earliest purchase costs. C. In the weighted average cost method, the average cost of all available units purchased is applied to the number of units sold and in ending inventory. Therefore, you must first obtain a unit cost by dividing the total cost of all units available for sale by the number of units available for sale. Then, multiply the number of items remaining in the physical Inventory times this unit cost. Check My Work All work saved Submit Assignment for Grading AAD 120 11:15 AM