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 @ $106 per unit Mar. 10 Purchase 70 units @ $118 per unit Aug. 30 Purchase 10 units @ $124 per unit Dec. 12 Purchase 90 units @ $130 per unit 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, presenting your answers in the form below. Round the average cost per unit to the nearest cent and round your final answers to the nearest whole dollar. Hide Schedule of Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. FIFO b. LIFO c. Average cost