Question Content Area

Periodic inventory by three methods; cost of goods sold

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

Date	Line Item Description	Units and Cost
Jan. 1	Inventory	50 units at $116
Mar. 10	Purchase	70 units at $128
Aug. 30	Purchase	30 units at $136
Dec. 12	Purchase	50 units at $142

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

Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.