X CengageNOWv2 | Online teachin X Cengage Learning eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How 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 30 units at $130 Mar. 10 Purchase 70 units at $142 Aug. 30 Purchase 10 units at $150 Dec. 12 Purchase 90 units at $156 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. 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 Feedback Check My Work Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory costs for the period are calculated by taking the number of items remaining in the physical inventory times the most recent purchase price. If the number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory items must be recorded at the second most recent purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory from the total cost of goods available for sale. Anto that this over indie inventors custom I IEn moans the lact unite nurchaced are accumed to he the first to he cold Tharafaro the anding inventor for the norind ic made uIn of Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grading CO 5:39 3/6/2