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 50 units at $124 Mar. 10 Aug. 30 Dec. 12 Purchase Purchase Purchase 70 units at $132 30 units at $136 50 units at $140 There are 60 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 Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory cost of Goods Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost Feedback Check My Work Note that this exercise uses the periodic inventory system, FIFO means that the first units purchased are assumed to be the first to be sold