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	900	units at $54
Mar. 10	Purchase	1,120	units at $55
Aug. 30	Purchase	1,000	units at $58
Dec. 12	Purchase	980	units at $60

There are 1,000 units of the item 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.

blank blank Cost of Merchandise Inventory and Cost of Merchandise Sold

Inventory Method	Merchandise Inventory	Merchandise Sold
a. First-in, first-out (FIFO)	$fill in the blank 1	$fill in the blank 2
b. Last-in, first-out (LIFO)	fill in the blank 3	fill in the blank 4
c. Weighted average cost	fill in the blank 5	fill in the blank 6