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 at $94 Mar 10. Purchase- 70 units at $106 Aug 30. Purchase- 20 units at $114 Dec 12. Purchase- 60 units at $120 There are 60 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. First-in, first-out (FIFO) : Merchandise Inventory= Merchandise Sold= Last-in, first-out (LIFO) : Merchandise Inventory= Merchandise Sold= Weighted average cost : Merchandise Inventory= Merchandise Sold=