eBook Show Me How Calculator Print Item Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units $104 Mar. 10 Purchase 40 units @ $114 Aug. 30 30 units $120 Purchase 100 units $126 There are 60 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 dollar Purchase Dec. 12 Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) Last in, first-out (LIFO) Weighted average cost Check My Work 1 more Check My Work uses remaining