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.

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 $($LFO$)$

c$.$ Weighted average cost