Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as folla 1,800 units at $108 2,240 units at $110 2,000 units at $116 1,960 units at $120 Jan. 1Inventory Mar. 10 Purchase Aug, 30 Purchase Dec. 12Purchase There are 2,000 units of the item in the physical inventory at December Determine the inventory cost and the cost of merchandise sold by three Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) Last-in, first-out (IFO) Weighted average cost