The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $98 Mar. 10 Purchase 70 units @ $108 Aug. 30 Purchase 30 units $112 Dec. 12 Purchase 60 units @ $118 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 an the nearest whole dollar. Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Lerchandise Sold a. First-in, first-out (FIFO) S b. Last-in, first-out (LIFO) c. Weighted average cost