eBook Show Me How Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $106 Mar. 10 Purchase 60 units at $118 Aug. 30 Purchase 20 units at $122 Dec. 12 Purchase 70 units at $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost