The following units of a particular item were available for sale during the calendar year: an. Inventory Mar. 18 Sale May 2 Aug. 9 Sale Oct. 20 Purchase The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. 30,000 units at $30.00 24,000 units 54,000 units at $31.00 45,000 units 21,000 units at $32.10 Purchase Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Cost of Merchandise Sold Purchases Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Balances 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 Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase 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 30 units $120 70 units@ $130 30 units $134 70 units @ $140 Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory MethodMerchandise Inventory Merchandise Sold First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost