Get the step by step solution to this homework question now: E6-14 The units of an item available for sale during the year were as follows: 1...

Get the step by step solution to this homework question now:E6-14The units of an item available for sale during the yearwere as follows:Jan. 1 Inventory 27 units at $120Feb. 17 Purchase 54 units at $138July 21 Purchase 63 units at $156Nov. 23 Purchase 36 units at $165There are 50 units of the item in the physical inventory at December 31. Theperiodic inventory system is used. Determine the inventory cost by (a) the firstin,first-out method, (b) the last-in, first-out method, and (c) the average costmethod.