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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

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 30 units at $126
Mar. 10 Purchase 50 units at $136
Aug. 30 Purchase 20 units at $140
Dec. 12 Purchase 100 units at $142

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.

Inventory Method Ending Inventory Cost of Goods Sold
First-in, first-out (FIFO)
Last-in, first-out (LIFO)
Weighted average cost

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