Lower-of-Cost-or-Market Method On the basis of the following data, 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 10. Unit Cost Unit Market Item Inventory Quantity Price Price A13Y 125 $59 $63 B354 245 29 25 14,000 X 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 8 units at $35 $280 July 7 Purchase 5 units at $37 185 Nov. 23 Purchase 18 units at $39 702 31 units $1,167 There are 15 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)