The units of an item available for sale during the year were as follows: Jan. 1 Inventory 850 units at $ 43 Mar. 10 Purchase 1090 units at $ 46 Aug. 30 Purchase 902 units at $ 49 Dec. 12 Purchase 870 units at $ 55

There are 950 units of the item in the physical inventory as of December 31. The a periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by the following three methods, presenting your answers in the following form: Cost of

Inventory method Merchandise Inventory Merchandise Sold a. First-in, first-out $ $ b. Last-in, first-out c. Weighted average cost

Show your calculations.