The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units @ $39 Feb. 17 Purchase 10 units @ $40 July 21 Purchase 16 units @ $42 Nov. 23 Purchase 20 units @ $43 There are 16 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. $fill in the blank 1