Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: han.ny Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used Jan 1 Inventory 30 units $116 60 units $128 20 units $134 90 units $136 Hide 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 Merchandise Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Merchandise Inventory