Inventory by Three Methods; Cost of Goods SoldThe units of an item available for sale during the year were as follows:Jan. 1 Inventory21 units at $1,800 eachJune 9 Purchase29 units at $1,950 eachJuly 28Purchase12 units at $2,040 each17 units at $2,100 eachNov. 1 PurchaseThere are 18 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.CostInventory MethodEnding InventoryCost of Goods Solda. First-in, first-out method37,680 Xb. Last-in, first-out method32,400122,130c. Weighted average35,209

Given Data:- Jan 1: 21 units @ $1,800 each- June 9: 29 units @ $1,950 each- July 28: 12 units @…

Answered: Inventory by Three Methods; Cost of…

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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