Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 6 units @ $36 per unit Feb. 17 Purchase 17 units @ $37 per unit Jul. 21 Purchase 12 units @ $40 per unit Nov. 23 Purchase 6 units @ $42 per unit There are 8 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. $ 328 b. Determine the inventory cost by the last-in, first-out method $ 275 c. Determine the inventory cost by the average cost method. When computing your answer, round the average cost per unit to the nearest whole dollar. $ 304