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Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...

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 1,800 units at $108
Mar. 10 Purchase 2,240 units at $110
Aug. 30 Purchase 2,000 units at $116
Dec. 12 Purchase 1,960 units at $120

There are 2,000 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.

inventory method merchandise inventory merchandise sold
First in first out ? ?
last in first out ? ?
weighted ave cost ? ?

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