Chapter 7 Homework Assignment (P 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 50 units @ $106 Inventory Purchase Mar. 10 60 units @ $116 Aug. 30 Purchase 30 units @ $122 Dec. 12 Purchase 60 units @ $126 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 Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Check My Work Previous signment Score: 12.5%