Periodic Inventory by Three Methods; Cost of Merchandise Sold

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

Jan. 1	Inventory	50 units @ $98
Mar. 10	Purchase	60 units @ $106
Aug. 30	Purchase	30 units @ $110
Dec. 12	Purchase	60 units @ $114

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

Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

10 Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 50 units @ Jan. 1 Inventory $98 Mar. 60 units @ Purchase $106 30 units @ Purchase 30 $110 60 units @ $114 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Aug. Dec. Purchase 12 Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost