The units of an item available for sale during the year were as follows: Jan, 11 Inventory 50 units @ $108 Mar. 10 Purchase 70 units@ $120 Aug. 30 30 units @ $124 Dec. 12 50 units@ $128 There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Purchase Purchase 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 Merchandise Inventory Inventory Method a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost S Merchandise Sold 1003