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 40 units at $128 Mar. 10 Purchase 60 units at $136 Aug. 30 Dec. 12 Purchase Purchase 10 units at $144 90 units at $150 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. 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) $ 12,000 $ Last-in, first-out (LIFO) Weighted average cost 11,288 / 19,754 x Inventory Purchases Sales Dec. 1 2,300 units at $35 Dec. 10 1,150 units at $37 Dec. 12 1,610 units Dec. 20 1,035 units at $39 Dec. 14 1,380 units Dec. 31 690 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Quantity Sold Goods Sold Cost of Goods Sold Total Cost Unit Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Unit Cost Inventory Total Cost Inventory Quantity 2,300 Dec. $ 35 $ 80,500 Dec. 1,150 v 37 v $43,550 V 2,300 35 80,500 1,150 37 42,550 Dec. $ $ 35 12 1,150 460 1,380 37 35 35 42,550 16,100 48,300 Dec. 14 Dec. 1,035 v 39 v 40365 35 20 Dec. 31 2010 26,910 Dec. Balances $ Balances 31 133,860