Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units 349 Feb. 17 Purchase 12 units 551 July 21 Purchase 16 units $54 Nov. 23 Purchase 12 units 0 556 There are 8 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 lost-in, first-out method c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, If required