Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Item IA17 149 $61 $65 TX24 314 30 25 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 Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $3,100 $12,400 Aug. 7 Purchase 16 units at $3,400 54,400 Dec. 11 Purchase 12 units at $3,600 43,200 32 units $110,000 There are 20 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) Weighted average cost c. $