Question: 1. Exercise 7-9 (Algorithmic) Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were

1. Exercise 7-9 (Algorithmic) 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 @ $104 Mar. 10 Purchase 70 units @ $116 Aug. 30 Purchase 30 units @ $122 Dec. 12 Purchase 70 units @ $126 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Hide Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations and final answers to the nearest whole dollar. Schedule of Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold FIFO LIFO Average cost

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