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Periodic Inventory by Three Methods; Cost of Merchandise Sold There are 80 units of the item in the physical inventory at December 31. The periodic

Periodic Inventory by Three Methods; Cost of Merchandise Sold

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 40 units @ $130
Mar. 10 Purchase 60 units @ $142
Aug. 30 Purchase 30 units @ $146
Dec. 12 Purchase 70 units @ $148
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

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