Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

January 1	Inventory	30 units @ $112
March 10	Purchase	40 units @ $120
August 30	Purchase	30 units @ $124
December 12	Purchase	100 units @ $130

There were 80 units of the item in the physical inventory on December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methodsround 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
First-in, first-out (FIFO)
Last-in, first-out (LIFO)
Weighted average cost