3rd - CH 6 Exercises Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Mar. 10 Aug. 30 Inventory Purchase 40 units at $126 70 units at $138 Purchase 30 units at $144 Dec. 12 Purchase 60 units at $150 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Inventory Method Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) 11,800 X 16,140 Last-in, first-out (LIFO) 10,560 17,380 X Weighted average cost 11,176 X 16,764 X Check My Work 0 more Check My Work uses remaining. Next