4:07 Chapter7Activity Q Û Name: Astry Hernandez Canales Periodic inventory by three methods; cost of merchandise sold - page 383 EX 7-13. Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average cost Breakdown each method below: Cost of merchandise available for sale: Merchandise inventory: Cost Merchandise Inventory $59,960 Merchandise Sold $172,900 $54,100 $167,040 $56,750 $170,250 900 units at $54 $48,600 1,120 units at $55 $61,600 1,000 units at $58 $58,000 980 units at $60 $58,800 4,000 units (at average cost of $ 56.75 $ 227,000 a. First-in, first-out: Merchandise inventory: units at $ $ units at $ 1,000 units $ Merchandise sold: $227,000 $ 59,960 $167.040 b. Last-in, first-out: C. Merchandise inventory: units at $ $ units at $ 1,000 units Merchandise sold: $227,000 - $ $ $ Weighted average cost: Merchandise inventory: 1,000 units at $ Merchandise sold: $227,000 - $ A Mobile View Read Aloud $ $ B Headings

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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4:07
Chapter7Activity
Q Û
Name: Astry Hernandez Canales
Periodic inventory by three methods; cost of merchandise sold - page 383
EX 7-13.
Inventory Method
a. First-in, first-out
b. Last-in, first-out
c. Weighted average cost
Breakdown each method below:
Cost of merchandise available for sale:
Merchandise inventory:
Cost
Merchandise Inventory
$59,960
Merchandise Sold
$172,900
$54,100
$167,040
$56,750
$170,250
900 units at $54
$48,600
1,120 units at $55
$61,600
1,000 units at $58
$58,000
980 units at $60
$58,800
4,000 units (at average cost of $ 56.75
$ 227,000
a.
First-in, first-out:
Merchandise inventory:
units at $
$
units at $
1,000 units
$
Merchandise sold:
$227,000 $
59,960
$167.040
b.
Last-in, first-out:
C.
Merchandise inventory:
units at $
$
units at $
1,000 units
Merchandise sold:
$227,000 - $
$
$
Weighted average cost:
Merchandise inventory:
1,000 units at $
Merchandise sold:
$227,000 - $
A
Mobile View
Read Aloud
$
$
B
Headings
Transcribed Image Text:4:07 Chapter7Activity Q Û Name: Astry Hernandez Canales Periodic inventory by three methods; cost of merchandise sold - page 383 EX 7-13. Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average cost Breakdown each method below: Cost of merchandise available for sale: Merchandise inventory: Cost Merchandise Inventory $59,960 Merchandise Sold $172,900 $54,100 $167,040 $56,750 $170,250 900 units at $54 $48,600 1,120 units at $55 $61,600 1,000 units at $58 $58,000 980 units at $60 $58,800 4,000 units (at average cost of $ 56.75 $ 227,000 a. First-in, first-out: Merchandise inventory: units at $ $ units at $ 1,000 units $ Merchandise sold: $227,000 $ 59,960 $167.040 b. Last-in, first-out: C. Merchandise inventory: units at $ $ units at $ 1,000 units Merchandise sold: $227,000 - $ $ $ Weighted average cost: Merchandise inventory: 1,000 units at $ Merchandise sold: $227,000 - $ A Mobile View Read Aloud $ $ B Headings
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