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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 0 units

Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 10 units at $50
Feb. 17 Purchase 17 units at $52
Jul. 21 Purchase 11 units at $53
Nov. 23 Purchase 19 units at $55
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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