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Question - Periodic Inventory by Three Methods; Cost of Merchandise Sold. The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 50 units @ $116
Mar. 10 Purchase 50 units @ $128
Aug. 30 Purchase 30 units @ $136
Dec. 12 Purchase 70 units @ $138
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. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost
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