I'd appreciate an explanation of each step in the solution.

Lower-of-Cost-or-Market Method On the basis of the data shown below: Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: There are 16 units of the item in the physical inventory at December 31 . The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. $ b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required