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 50 units @ $130

Mar. 10 Purchase 70 units @ $142

Aug. 30 Purchase 30 units @ $148

Dec. 12 Purchase 50 units @ $150

There are 60 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 Sold

Inventory Method Merchandise Inventory Merchandise Sold

First-in, first-out (FIFO) $ ___ $____

Last-in, first-out (LIFO) $____ $____

Weighted average cost $____ $____