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 Mar. 10 Inventory Purchase 30 units @ $120 70 units @ $130 Aug. 30 Purchase 30 units @ $136 Dec. 12 Purchase 70 units @ $138 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. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Merchandise Inventory Merchandise Sold Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Item Quantity Unit Market Value per Unit (Net Realizable Value) MX62 95 $55 $51 VZ31 185 29 33 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9