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

Jan. 1 Inventory 40 units @ $94

Mar. 10 Purchase70 units @ $106

Aug. 30 Purchase10 units @ $114

Dec. 12 Purchase80 units @ $120

There are 60 units of the item in thephysical inventoryat 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

First-in, first-out (FIFO) $ $

Last-in, first-out (LIFO) $ $

Weighted average cost $ $