Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 40 units $116 Jan. 1 Inventory 60 units $128 Mar. 10 Purchase 30 units @ $132 Aug. 30 Purchase 70 units @ $136 Purchase Dec. 12 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest Determine the inventory cost and the c0st whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Merchandise Inventory Merchandise Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Next Previous