v2.cengagenow.com/m/takeAssignment/takeAssignmentMain.do?invoker&takeAssignmentSessionLocators&inprogress=false am-Chapters 5-9 ALGO ALGO Periodic Inventory by Three Methods: Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 60 26 07 00 171 Jan. 1 Mar. 10 Inventory Purchase 30 units $118 70 units $130 Aug. 30 Purchase 10 units $136 Dec. 12 Purchase 90 units $142 Calendar There are 60 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 answers to the nearest whole collar Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) 100 21,130 Last-in, first-out (LIFO) 4,340 Weighted average cost 21.440 CO Previous Next>