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	50 units @ $120
Mar. 10	Purchase	70 units @ $128
Aug. 30	Purchase	30 units @ $134
Dec. 12	Purchase	50 units @ $140

There are 60 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.

Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method	Merchandise Inventory	Merchandise Sold
First-in, first-out (FIFO)	$----------	$----------------
Last-in, first-out (LIFO)	-------------	-----------------
Weighted average cost	--------------	---------------