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Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 50 units at $102
Mar. 10 Purchase 60 units at $112
Aug. 30 Purchase 20 units at $116
Dec. 12 Purchase 70 units at $122
There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Problem 1: Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.
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