Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,055 units $136 Feb. 17 Purchase 1,395 units 5137 July 21 Purchase 1.545 units $139 Nov. 23 Purchase 1,130 units 5139 There are 1,205 units of the item in the physical inventory at December 31. The periodic inventory system is used a. Determine the inventory cost by the first in first-out method, b. Determine the inventory cost by the last in, first-out method, c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. 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 $104 Mar. 10 Purchase 60 units @ $112 Aug. 30 Purchase 30 units $116 Dec, 12 Purchase 70 units $120 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 Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost