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Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1 5 units

Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 15 units at $44
Feb. 17 Purchase 13 units at $46
Jul. 21 Purchase 4 units at $47
Nov. 23 Purchase 17 units at $49
There are 15 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.
$
b. Determine the inventory cost by the last-in, first-out method.
$
$
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