Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 11 units at $2,400 $26,400 17 units at $2,700 45,900 12 units at $2,800 33,600 40 units. $105,900 There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO)) C. Weighted average cost X On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) CK3J 85 $40 $37 VZ31 170 21 23 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.