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	1,800	units at $108
Mar. 10	Purchase	2,240	units at $110
Aug. 30	Purchase	2,000	units at $116
Dec. 12	Purchase	1,960	units at $120

There are 2,000 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.

	inventory method	merchandise inventory	merchandise sold
	First in first out	?	?
	last in first out	?	?
	weighted ave cost	?	?