Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows Jan. 1Inventory 12 units at $38 Aug. 7 Purchase 20 units at $39 Dec. 11 Purchase $456 780 600 $1,836 15 units at $40 47 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first- in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. b. c. First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9 Market Value per Unit (Net Realizable Value) $120 249 285 110 149 Inventory Inventory Cost per Unit $120 257 269 95 135 Item Quantity Birch Cypress Mountain Ash Spruce Willow 16 10 35 Inventory at the Lower of Cost or Market Total Cost Total Market Total Lower of C or M Inventory Item Birch Cypress Mountain Ash Spruce Willow Total