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 @ $112
Mar. 10	Purchase	50 units @ $122
Aug. 30	Purchase	30 units @ $126
Dec. 12	Purchase	70 units @ $132

There are 40 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 Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost