Periodic inventory by three methods; cost of goods sold

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

Jan.

1Inventory 40 units at $92Mar. 10

Purchase7 0 units at $102Aug. 30

Purchase 20 units at $106Dec. 12

Purchase 70 units at $108

There are 80 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. 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