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 50 units @ $132

Aug. 30 Purchase 30 units @ $136

Dec. 12 Purchase 70 units @ $140

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.

Inventory Method	Merchandise Inventory	Merchandise Sold
a. First-in, first-out (FIFO)	$
b. Last-in, first-out (LIFO)
c. Weighted average cost