Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units @ $30 Feb. 17 Purchase 13 units @ $31 July 21 Purchase 18 units @ $33 Nov. 23 Purchase 15 units @ $35 There are 9 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. 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. FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24,000 units @ $43 Sale 10,468 units @ $62 First purchase 32,000 units @ $46 Sale 29,908 units @ $64 Second purchase 30,000 units @ $47 Sale 17,162 units @ $65 The firm uses the perpetual inventory system, and there are 28,462 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO