Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: January 1 Inventory 10 units at $970 each June 9 Purchase 45 units at $960 each July 28 Purchase November 1 Purchase 30 units at $890 each 15 units at $920 each There are 35 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: Cost 4 Ending Inventory Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average 32,690 Cost Cost of Goods Sold

Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: January 1 Inventory 10 units at $970 each June 9 Purchase 45 units at $960 each July 28 Purchase November 1 Purchase 30 units at $890 each 15 units at $920 each There are 35 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: Cost 4 Ending Inventory Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average 32,690 Cost Cost of Goods Sold

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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:Inventory 10 units at $970 eachPurchase45 units at $960 eachJuly 28Purchase30 units at $890 eachNovember 1 Purchase15 units at $920

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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