takeAssignment/takeAssignmentMain. do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $30 Feb. 17 Purchase 8 units at $32 Jul. 21 Purchase 14 units at $34 Nov. 23 Purchase 14 units at $34 There are 7 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. X b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Feedback Check My Work a. Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are as inventory costs for the period are calculated by taking the number of items remaining in the physical inventory number of items in last purchase layer is less than the number in ending inventory, the balance of the ending most recent purchase cost. The cost of goods sold for the period can be calculated by subtracting the ending it