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 $110 Mar. 10 Purchase 70 units at $122 Aug. 30 Purchase 30 units at $126 60 units at $132 Dec. 12 Purchase 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 Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ 5,280 X 19,360 X Last-in, first-out (LIFO) 6,140 X 18,500 X Weighted average cost 0X 24,640 X