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Calculator Print Item 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 Inventory 40 units at $1 18 Mar. 10 Purchase 60 units at $128 Aug. 30 Purchase 30 units at $132 Dec. 12 Purchase 70 units at $136 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 antwere to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-In, first-out (FIFO) Last-In, first-out (LIFO) Weighted average cost ( Previous Next ) All work LivedCalculator Print hom Sales-related transactions Sayers Co. sold merchandise on account to a customer for $87,900 terms 2/10, my/30. The cost of the goods sold was $61,090. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual Inventory system. If an amount box does not require an entry, leave it blank Accounts Receivable Sales Cost of Goods Sold Inventory b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable Sales Next ) Submit Tell for Grading