Inventory by Three Methods; Cost of Goods SoldThe units of an item available for sale during the year were as follows:Jan. 1Inventory20 units at $1,800 eachJune 9Purchase27 units at $1,950 eachJuly 28Purchase12 units at $2,040 eachNov. 1Purchase17 units at $2,100 eachThere are 19 units of the item in the physical inventory at December 31.Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:Round your final answers to the nearest dollar. CostInventory MethodEnding InventoryCost of Goods Solda. First-in, first-out method$fill in the blank 1$fill in the blank 2b. Last-in, first-out methodfill in the blank 3fill in the blank 4c. Weighted averagefill in the blank 5fill in the blank 6 Inventory by Three Methods; Cost of Goods SoldThe units of an item available for sale during the year were as follows:Jan. 1 Inventory20 units at $1,800 eachJune 9 Purchase27 units at $1,950 eachJuly 28 Purchase12 units at $2,040 eachNov. 1 Purchase17 units at $2,100 eachThere are 19 units of the item in the physical inventory at December 31.Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:Round your final answers to the nearest dollar.CostInventory MethodEnding InventoryCost of Goods Solda. First-in, first-out methodb. Last-in, first-out methodc. Weighted average

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Description: Inventory by Three Methods; Cost of Goods SoldThe units of an item available for sale during the year were as follows:Jan. 1Inventory20 units at $1,800 eachJune 9Purchase27 units at $1,950 eachJuly 28Purchase12 units at $2,040 eachNov. 1Purchase17 un

The cost of ending inventory and cost of goods sold can be valued using various methods like LIFO,…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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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	20 units at $1,800 each
June 9	Purchase	27 units at $1,950 each
July 28	Purchase	12 units at $2,040 each
Nov. 1	Purchase	17 units at $2,100 each

There are 19 units of the item in the physical inventory at December 31.

Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:

Round your final answers to the nearest dollar.

	Cost
Inventory Method	Ending Inventory	Cost of Goods Sold
a. First-in, first-out method	$fill in the blank 1	$fill in the blank 2
b. Last-in, first-out method	fill in the blank 3	fill in the blank 4
c. Weighted average	fill in the blank 5	fill in the blank 6

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
20 units at $1,800 each
June 9 Purchase
27 units at $1,950 each
July 28 Purchase
12 units at $2,040 each
Nov. 1 Purchase
17 units at $2,100 each
There are 19 units of the item in the physical inventory at December 31.
Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:
Round your final answers to the nearest dollar.
Cost
Inventory Method
Ending Inventory
Cost of Goods Sold
a. First-in, first-out method
b. Last-in, first-out method
c. Weighted average

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