Periodic Inventory by Three Methods The units of an Item available for sale during the year were as follows: Jan. 1 Inventory 1,045 units @ $122 Feb. 17 Purchase 1,420 units @ $123 July 21 Purchase 1,690 units @ $126 Nov. 23 Purchase 1,140 units $126 There are 1,215 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. Do not round intermediate calculation and round final answer to the nearest whole dollar. Cost Flow Methods 2 1 14 1 28 The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. Purchase $303 Purchase 306 Purchase 1 309 Total $918 Average cost per unit $306 ($918 + 3 units) Assume that one unit is sold on April 30 for $444. Determine the gross profit for April and ending Inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. -11 3 Gross Profit Ending Inventory a. First-In, first-out (FIFO) 615 b. Last-In, first-out (LIFO) 609 c. Welghted average cost