Periodic inventory by three methods The units of an item avallable for sale during the year were as followst There are 1,700 units of the item in the physical inventory at December 31 . The periodic inventory system is used. This information has been colected in the Micrason Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet b. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest doliar. x b. Determine the inventory cost by the last-in, first-out method. Round your answer to the nearest dollat, 5 .