Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $38 Feb. 17 Purchase 10 units at $40 Jul. 21 Purchase 12 units at $41 Nov. 23 Purchase 20 units at $43 There are 16 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Round average unit ca to two decimals and final answers to the nearest whole dollar, If required. a. Determine the inventory cost by the first-in, first-out method. 984 x b. Determine the inventory cost by the last-in, first-out method. 608 X