accounting

w Me How Printem Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Inventory Jan 1 Mar. 10 Purchase Aug 30 Dec 12 30 units 5102 40 units 5110 30 units $118 100 units 5124 Purchase Purchase There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used Determine the inventory cost and the cost of merchandise sold by three methods, Round interim calculations to one decimal and final answers to the nearest whole dolar. Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) Last-in, first-out (FO) Weighted average cost