eBook Show Me How El Calculator eriodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 2,000 units of the item in the physical inventory at December 31. Determine the inventory cost and the cost of merchandise sold by three methods. Inventory 1,800 units at $108 2,240 units at $110 2,000 units at $116 1,960 units at $120 The periodic inventory system is 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 2 more Crect, My Mo ses remaining