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 40 units 5112 Mar. 10 Purchase 70 units 5124 Aug 30 Purchase 30 units 5128 Dec. 12 Purchase 60 units 5132 There are 80 units of the item in the phyl ventory at December 31. The periodic inventory system is used. Determine the entry cost and the cost of merchandise sold by the methods. Round interim calculations to one decimal and final answers to the nearest whole dollar Cart of Merchandie Inventory and cont of Merchandise Sold Inventory Method Merchandise Enventory Merchandise Sold todo) Latest out (FO)