Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units if an item acailable for sale during the year were as follows:

Jan. 1 Inventory 40 Units @ $100

Mar. 10 Purchase 70 Units @ $108

Aug. 30 Purchase 30 Units @ $112

Dec. 12 Purchase 60 Units @ $118

There a 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

1. First-in, First out (FIFO)

a) Merchandise Inventory

b) Merchandise Sold

2. Last-in, First out (LIFO)

a) Merchandise Inventory

b) Merchandise Sold

3) Weighted Average Cost

a) Merchandise Inventory

b) Merchandise Sold