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

$30$ units @ $$96$

Mar. $10$ Purchase $70$ units @ $$106$

Aug. $30$ Purchase $30$ units @ $$112$

Dec. $12$ Purchase $,70$ units @ $$116$

There are $80$ units of the item in the physical inventory at December $31.$ The periodic inventory system is used. whole dollar.

Cost of Merchandise Inventory and Cost of Merchandise Sold

Inventory Method Merchandise Inventory Merchandise Sold

a$.$ First$-$in$,$ first$-$out $($FIFO$)$ $ $

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$

c$.$ Weighted average cost

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