Periodic Inventory by Three Methods; Cost of Merchandise SoldThe units of an item available for sale during the year were asfollows: Jan. 1 Inventory 50 units @ $90 Mar. 10 Purchase 50 units@ $100 Aug. 30 Purchase 10 units @ $104 Dec. 12 Purchase 90 units @$110 There are 60 units of the item in the physical inventory atDecember 31. The periodic inventory system is used. Determine theinventory cost and the cost of merchandise sold by three methods.Round interim calculations to one decimal and final answers to thenearest whole dollar. Cost of Merchandise Inventory and Cost ofMerchandise Sold Inventory Method Merchandise Inventory MerchandiseSold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO)Weighted average cost
