Periodic Inventory by Three Methods; Cost of Merchandise Sold

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

Jan. 1Inventory40 units @ $90Mar. 10Purchase70 units @ $98Aug. 30Purchase20 units @ $104Dec. 12Purchase70 units @ $106

There are 80 units of the item in thephysical inventoryat 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 SoldInventory MethodMerchandise InventoryMerchandise SoldFirst-in, first-out (FIFO)$$Last-in, first-out (LIFO)Weighted average cost