Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 June 9 Inventory Purchase July 28 Purchase Nov. 1 Purchase 23 units at $1,800 each 32 units at $1,950 each 14 units at $2,040 each 17 units at $2,100 each There are 20 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:
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 June 9 Inventory Purchase July 28 Purchase Nov. 1 Purchase 23 units at $1,800 each 32 units at $1,950 each 14 units at $2,040 each 17 units at $2,100 each There are 20 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:
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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
June 9
July 28
Purchase
Purchase
Nov. 1 Purchase
Inventory Method
23 units at $1,800 each
32 units at $1,950 each
14 units at $2,040 each
There are 20 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.
17 units at $2,100 each
c. Weighted average
a. First-in, first-out method
b. Last-in, first-out method
Ending Inventory
$ 41,820
36,000
5,820 X
Cost
Cost of Goods Sold
$126,240
132,060
129,150 X
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