Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units @ $27 Feb. 17 Purchase 14 units @ $28 July 21 Purchase 11 units @ $29 Nov. 23 Purchase 7 units @ $31 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. $fill in