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 $90 Mar. 10 Purchase 70 units at $98 Aug. 30 Purchase 30 units at $106 Dec. 12 Purchase 50 units at $112 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 Retail Method A business using the retail method of inventory costing determines that inventory at retail is $1,235,000. If the ratio of cost to retail price is 54%, what is the amount of inventory to be reported on the financial statements? $ Retail Method A business using the retail method of inventory costing determines that inventory at retail is $396,400. If the ratio of cost to retail price is 61%, what is the amount of inventory to be reported on the financial statements? $ Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated gross profit rate 36% Beginning inventory $180,000 Purchases (net) 5,945,000 Merchandise available for sale $6,125,000 Estimated Cost of Ending Inventory