The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units @ $38 Feb. 17 Purchase 4 units @ $40 July 21 Purchase 6 units @ $42 Nov. 23 Purchase 14 units @ $44 There are 10 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

The units of an item available for sale during the year were as follows: There are 10 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. $ $