The units of an item available for sale during the year were as follows:Jan. 1 Inventory 42 units at $60Mar. 10 Purchase 58 units at $65Aug. 30 Purchase 20 units at $68Dec. 12 Purchase 30 units at $70There are 36 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, presenting your answers in the followingform:

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Cost Inventory Method a. First-in, first-out b. Last-in, first-out c. Average cost Merchandise Sold 2$ Merchandise Inventory 24