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 $110 Mar. 10 Purchase 70 units at $118 Aug. 30 Purchase 20 units at $124 Dec. 12 Purchase 60 units at $128 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. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Ending Inventory Cost of Goods Sold 85.33 X 394.47 X Last-in, first-out (LIFO) Weighted average cost 88 X 4.784 V 392 X 19.136 V