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

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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:20 units at $1,80029 units at $1,95010 units at $2,04015 units at $2,100Jan. 1May 15Aug. 7Nov. 20InventoryPurchasePurchasePurchaseT

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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