The following units of a particular item were available for sale during the period: Beginning inventory 40 units at $20 First purchase 50 units at $21 Second purchase 50 units at $22 Third purchase 50 units at $23 What is the unit cost of the 35 units on hand at the end of the period as determined under the periodic inventory system by the FIFO costing method? From the following figures calculate the closing inventory using FIFO: Purchase March 400 @ $ 30 each September 300@ $ 32 each Sale December 420 @ $ 40 each The company uses the perpetual system. Question 6 1/1 pts From the following figures calculate the closing inventory using LIFO: Purchase March 400 @ $ 30 each. September 300@ $ 32 each Sale December 420 @ $ 40 each The company uses the perpetual system.