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 40 units @ $106 Mar. 10 Purchase 60 units @ $118 Aug. 30 Purchase 30 units @ $122 Dec. 12 Purchase 70 units @ $126

There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used.

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