EX $7-13$ Periodic inventory by three methods; cost of merchandise sold OBJ. $2,4$

The units of an item available for sale during the year were as follows:

Jan. $1$ Inventory $1,800$ units at $$108$

Mar. $10$ Purchase $2,240$ units at $$110$

Aug. $30$ Purchase $2,000$ units at $$116$

Dec. $12$ Purchase $1,960$ units at $$120$

There are $2,000$ 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, presenting your answers in the following form:

Cost

Inventory Method Merchandise Inventory Merchandise Sold

a$.$ First$-$in$,$ first$-$out $ $

b$.$ Last$-$in$,$ first$-$out

c$.$ Weighted average cost