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. 12Purchase 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 50 units $90 40 units $98 10 units @$104 100 units $108 Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method First-in, first-out (FIFO 8.640 Last-in, first-out (LIFO) 8420 x Weighted average cost Merchandise Inventory Merchandise Sold 9,460 X 8,420 X