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 ",1","800" units at "$108],[" Mar. "10," Purchase ",2","240" units at "$110],[" Aug. "30," Purchase ",2","000" units at "$116],[" 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) $ $ Last-in, first-out (LIFO) Weighted average cost