Periodic inventory by three methods; cost of goods sold

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

Jan. 1Inventory180units at $108Mar. 10Purchase224units at $110Aug. 30Purchase200units at $116Dec. 12Purchase196units at $120

There are 208 units of the item in thephysical inventoryat December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods.

Cost of Inventory and Cost of Goods SoldInventory MethodEnding InventoryCost of Goods SoldFirst-in, first-out (FIFO)$$Last-in, first-out (LIFO)Weighted average cost