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 Mar. 10 Purchase 40 units @ $92 60 units $102 30 units 5106 Aug 30 Purchase Dec 12 Purchase 70 units $112 There are 80 units of the tem in the physical inventory at 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 a. First-in, first-out (FIFO) b. Last-in, first-out (UFO) c. Weighted average cost