The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 40 units @ $92 each
Mar. 10 Purchase 40 units @ $104 each
Aug. 30 Purchase 20 units @ $108 each
Dec. 12 Purchase 100 units @ $114 each
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.
a. FIFO..........................
b. LIFO..........................
c. Average cost................