Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 7 units at $46 13 units at $47 9 units at $49 19 units at $50 There are 7 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 two decimal places, and round your final answer to the nearest dollar. FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 28 units at $47 Sale 23 units at $66 First purchase 20 units at $48 Sale 15 units at $68 Second purchase 27 units at $49 11 units at $70 Sale The firm uses the perpetual inventory system, and there are 26 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?