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 57 units at $460 per unit June 8 Purchase 62 units at $540 per unit 59 units at $550 per unit Oct. 7 Purchase There are 45 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. $ b. Determine the inventory cost by the last-in, first-out method. SP c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value.