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	30 units @ $114
Mar 10.	Purchase	50 units @ $122
Aug. 30	Purchase	10 units @ $128
Dec 12.	Purchase	110 units @ $130

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