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 1,800 units at $108 2,240 units at $110 2,000 units at $116 Aug. 30 Purchase Dec. 12 Purchase 1,960 units at $120 There are 2,000 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 First-in, first-out (FIFO) $ 230,560 X 677,440 X Last-in, first-out (LIFO) 3.704,000 X 4.612.000 X Weighted average cost 37.440 X 870,560 X Feedback Check My Work Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be Therefore, ending inventory costs for the period are calculated by taking the number of items remaining in the physical Archant annet in the lanthan the master in the