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eBook Show Me How Calculator Print Item Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units $128 Mar. 10 Purchase 70 units@$140 Aug. 30 Purchase 30 units@ $144 Dec. 12 70 upits $150 Purchase 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 answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Merchandise Inventory Merchandise Sold Inventory Method First-in, first-out (FIFO) 30 X 19,820 Last-in, first-out (LIFO) Weighted average cost Feedback Y Check My Work Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed too be the first to be sold.

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