Periodic inventory by three methods; cost of goods sold The units of an item avalibble for sale during the year were as follons: There are 80 units of the item in the physical inveatery at December 31 . The periodic inventary ivstem is used. Determine the ending inventory cost and the cost of poods seld by three mothods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest doliar. rowavimen Note thyt this exercise uses the periodic inventory system, Fifo means that the fint units purchased are assumed to be the fint to be sold. Therefore, endine inventory costs for the period are calculated by taking the number of items remsining in the plrvical inventory times the most recent purchase price. If the number of items in last purchase laver is iess then the number in ending inventory, the batance at the ending imventery items must be recorded at the iscond most recent purchase cost. The cost of merchandise sold for the period can be calculated by tuberacting the eniding intwenkery from tie tocal cost of goods avaibble for sale