Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

Date Line Item Description Units and Cost

Jan. $1$ Inventory $50$ units at $$102$

Mar. $10$ Purchase $70$ units at $$112$

Aug. $30$ Purchase $10$ units at $$118$

Dec. $12$ Purchase $70$ units at $$122$

There are $80$ 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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.

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Cost of Ending Inventory and Cost of Goods Sold

Inventory Method Ending Inventory Cost of Goods Sold

First$-$in$,$ first$-$out $($FIFO$)$ $First$-$in$,$ first$-$out $($FIFO$)$ $First$-$in$,$ first$-$out $($FIFO$)$

Last$-$in$,$ first$-$out $($LIFO$)$ Last$-$in$,$ first$-$out $($LIFO$)$ Last$-$in$,$ first$-$out $($LIFO$)$

Weighted average cost Weighted average cost Weighted average cost

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