Periodic inventory by three methods; cost of goods sold

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

Date	Line Item Description	Units and Cost
Jan. 1	Inventory	40 units at $126
Mar. 10	Purchase	70 units at $136
Aug. 30	Purchase	20 units at $140
Dec. 12	Purchase	70 units at $144

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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.

Inventory Method	Ending Inventory	Cost of Goods Sold
First-in, first-out (FIFO)	$First-in, first-out (FIFO)	$First-in, first-out (FIFO)
Last-in, first-out (LIFO)	Last-in, first-out (LIFO)	Last-in, first-out (LIFO)
Weighted average cost	Weighted average cost	Weighted average cost