Penodic Inventory by Three Methods, Cost of Merchandise Sold The units of an item avalable for sale during the year were as folows: Jan. 1 Inventory 50 units $102 Mat 10 Purchase 70 units@ $114 Aug 30 Purchase 30 units @ $118 Dec 12 Purchase 50 units $122 There are 60 units of the item in the physical nventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First in, hest-out (FIFO) SU b. Last in, first out (UTC) c. Weighted average cost