Periodic Inventory Using FIFO, FO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: 40 units Jan. 1 Inventory 16 units at $38 5608 Aug. 13 Purchase 17 units at $41 697 Nov. 30 Purchase 7 units at $42 294 Available for sale $1,599 There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory costusng the (1) first in, first- out (FIFO) method; (b) lastin, first-out (UFC) method, and (c) weighted average cost method (round per unit cost to two decimal places and your finat answer to the nearest whole dollar). a First-in, first-out (FIFO) b. Last-in, first-out (LFO) c. Weighted average cost Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory Item, as shown in Exhibit 10. Item Inventory Quantity Market Value per Unit (Net Realizable Value) Cost per Unit JFW: 107 $42 $37 SAW9 215 20 23 Feedback Chad My Work Under lower-of-cost-o market, for each items in Inventory, choose the lower of total cost price or the tow market price as the signed value for computing inventory cost. Fint you must compute the total cost and local market for each item