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 Aug. 30 Purchase Dec. 12 Purchase There are 80 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. Round interim calculations to one decimal and final answers to the nearest whole dollar 30 units $120 70 units@ $130 30 units $134 70 units @ $140 Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory MethodMerchandise Inventory Merchandise Sold First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost