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 40 units @ $112 Mar 10 Purchase 70 units $124 Aug 30 Purchase 20 units a $132 Dec. 12 Purchase 70 units $138 There are 30 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. Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) 14,960 10,520 X b. Lastin, first-out (FO) c. Weighted aver cost Cho My Word Note that this exercise uses the periodic inventory system FIFO means that the first units purchased are assumed to be the first to be sold Delen A3000 ENG 615 PM