Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,070 units $120 Feb. 17 Purchase 1,435 units $122 Jul. 21 Purchase 1,665 units $125 Nov. 23 Purchase 1,130 units $126 There are 1,205 units of the item in the physical Inventory at December 31. answer to nearest whole value. periodic Inventory system is used. Do not round intermediate calculation and round final a. Determine the inventory cost by the first in, first-out method 151,755 b. Determine the inventory cost by the last-in, first-out method. $ 144,870 c. Determine the inventory cost by the weighted average cost method. $148,685 x Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold foi each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost To Jan. 24,000 thod Inventory Unit Cost Total Cost Quantity Total Cost 30,000 30.00 900,000 720,000 6,000 30 180,000 60,000 30.9 1,854,000 1,390,500 15,000 30.9 463,500 36,000 31.6 1,137,600 2,110,500 147,000 147,000 *14 30.7 x 1,137,600