Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan 1 Inventory 2,600 units at $4 Feb 17 Purchase 2,900 units at $5 ul. 21 Purchase 3,100 units at $6 . 23 Purchase 1,400 units at $7 There are 1,800 units of the item in the physical Inventory at December 31. The periodic Inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. ppen spreadsheet a. Determine the inventory cost by the first in, first-out method. Round your answer to the nearest dollar. $ x b. Determine the inventory cost by the last-in, first-out method. Round your answer to the nearest dollar. $ c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar $ B14 D $4 $5 $6 $7 B 1 Periodic inventory by three methods 2 The units of an item available for sale during the year were as follows: 3 4 Quantity Price 5 Jan. 1, beginning inventory 2,600 6 Feb. 17, purchase 2,900 7 Jul. 21, purchase 3,100 8 Nov. 23, purchase 1,400 9 Dec. 31, ending inventory 1,800 10 Using formulas and cell references, perform the required analysis, and input your answers into the Inventory Cost column. Transfer the numeric results for the green entry cells (B14:B16) into the 11 appropriate fields in CNOWV2 for grading 12 13 Method Inventory Cost Formulas 14 FIFO 15 LIFO 16 Weighted average cost 17 18 19 20 21 22 23 24 25 26 27 8 Data +