Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: 20 units at $1,800 29 units at $1,950 10 units at $2,040 15 units at $2,100 Jan. 1 May 15 Aug. 7 Nov. 20 Inventory Purchase Purchase Purchase 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, prese Round your final answers to the nearest dollar. Inventory Method a. First-in, first-out method b. Last-in, first-out method c. Weighted average cost method Ending Inventory 35,580 X Cost 34,200 ✔ Cost of Goods Sold 110,250
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: 20 units at $1,800 29 units at $1,950 10 units at $2,040 15 units at $2,100 Jan. 1 May 15 Aug. 7 Nov. 20 Inventory Purchase Purchase Purchase 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, prese Round your final answers to the nearest dollar. Inventory Method a. First-in, first-out method b. Last-in, first-out method c. Weighted average cost method Ending Inventory 35,580 X Cost 34,200 ✔ Cost of Goods Sold 110,250
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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