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The units of an item available for sale during the year were as follows: ...

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Accounting

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 30 units @ $94
Mar. 10 Purchase 70 units @ $106
Aug. 30 Purchase 30 units @ $112
Dec. 12 Purchase 70 units @ $118

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.

blank blank Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method Merchandise Inventory Merchandise Sold
a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2
b. Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4
c. Weighted average cost fill in the blank 5 fill in the blank 6

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