Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Inventory by Three Methods; Cost of Goods SoldThe units of an item available for sale during the year were as follows:Jan. 1 InventoryJune 9July 28PurchasePurchaseNov. 1 PurchaseInventory Method23 units at $1,800 each32 units at $1,950 each14 units at $2,040 eachThere 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 $2,100 eachc. Weighted averagea. First-in, first-out methodb. Last-in, first-out methodEnding Inventory$ 41,82036,0005,820 XCostCost of Goods Sold$126,240132,060129,150 X

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Inventory by Three Methods; Cost of Goods SoldThe units of an item available for sale du

FIFO Method:Under FIFO method using periodic inventory system, Value of ending inventory is…

Business

Accounting

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:

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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