Type your question here Re: Acct 1 24th edition on Chapter 7, eBook Exercise 7-9 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 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 period of inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods.

Schedule of Cost of Merchandise Inventory and Cost of Merchandise sold

Inventory Method Merchandise Inventory Merchandise sold

First-in, first-out (FIFO) $ $

Last-in, first-out (LIFO)

Average cost

Please reply with answer for Merchandise Inventory and Merchandise sold with $ ? for FIFO, LIFO and Average cost

Thank you.