The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 21 units at $180
Mar. 10 Purchase 29 units at $195
Aug. 30 Purchase 10 units at $204
Dec. 12 Purchase 15 units at $210
There are 24 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, presenting your answers in the followingform:

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Cost Inventory Method Merchandise Inventory a. First-in, first-out S b. Last-in, first-out C. Average cost Merchandise Sold