Chapter 7 HMWR eBook Show Me How 3. TMM.07.03 Periodic Inventory by Three Methods; Cost of Merchandise Sold 4. TMM.07.04 The units of an item available for sale during the year were as follows: 5. TMM.07.05 Jan. 1 Inventory 30 units @ $130 Mar. 10 Purchase 70 units @ $138 6. TMM.07.07 Aug. 30 Purchase 30 units @ $142 7. PE.07.01.ALGO Dec. 12 Purchase 70 units @ $146 8. PE.07.02.ALGO There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. 9. PE.07.03.ALGO 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 dollar. 10. PE.07.05.ALGO 11. PE.07.08A 12. PE.07.08B Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) c. Weighted average cost 13. EX.07.12.ALGO 14. EX.07.13.ALGO 15. EX.07.20.ALGO 16. EX.07.21.ALGO 17. PR.07.04A Check My Work