> The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $108 Mar. 10 Aug. 30 Purchase 50 units at $116 Purchase 30 units at $122 Dec. 12 Purchase 70 units at $124 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. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ 8,680 X 14,860 X Last-in, first-out (LIFO) 5,400 X 18,140 X Weighted average cost 14.124 X 9,416 X