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 $122
Mar. 10	Purchase	70 units at $134
Aug. 30	Purchase	20 units at $140
Dec. 12	Purchase	60 units at $142

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

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