There are 220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, Cb) the last-in, first-out method, and (c) the weighted average cost method EX 6-13 The units of an item available for sale during the year were as follows: Periodic inventory by three methods; cost of merchandise sold 0BJ.2,4 Jan. 1 Mar. 10 Aug. 30 Dec. 12 Inventory Purchase Purchase Purchase 90 units at $54 112 units at $55 100 units at $58 98 units at $60 There are 104 units of the item in the physical inventory at December 31. The inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form: Cost Merchandise Sold Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average cost Merchandise Inventory sume that a firm separately determined inventory under FIFO and LIFO an mpared the results. X6-14 Comparing inventory methods lous nlace the correct sign less than (