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 May 15 Purchase Aug. 7 Purchase Nov. 20 Purchase There are 20 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form Round your final answers to the nearest dollar. 23 units at $1,800 32 units at $1,950 12 units at $2,040 15 units at $2,100 Cost Ending Inventory Cost of Goods Sold Inventory Method a. First-in, first-out method b. Last-in, first-out method c. Weighted average cost method 37,630 | X 122,160 X