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 Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 40 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. Round interim calculations to one decimal and final answers to the nearest whole dollar. 40 units at $118 40 units at $128 10 units at $132 110 units at $138 Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) 200 Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold