Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity 51 Cost per Unit Market Value per Unit (Net Realizable Value) Item CK3J $27 $32 16 TX24 105 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: $576 Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 12 units at $48 18 units at $49 13 units at $51 882 663 43 units $2,121 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost MY UDJECLIVE 3 Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 88 units @ $17 5 Sale 70 units 11 Purchase 98 units @ $21 21 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 b. Inventory on July 31