Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Date Line Item Description Units and Cost Jan. 1 Inventory 7 units at $50 Feb. 17 Purchase 15 units at $51 Jul. 21 Purchase 12 units at $54 Nov. 23 Purchase 16 units at $55 There are 7 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. fill in the blank 1 of 3$ b. Determine the inventory cost by the last-in, first-out method. fill in the blank 2 of 3$ c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar. fill in the blank 3 of 3$

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: There are 7 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. $ c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar. $