Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:Jan. 1Inventory30 units at $118Mar. 10Purchase60 units at $128Aug. 30Purchase30 units at $134Dec. 12Purchase80 units at $138There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used.Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.Cost of Ending Inventory and Cost of Goods SoldInventory MethodEnding InventoryCost of Goods SoldFirst-in, first-out (FIFO)$$Last-in, first-out (LIFO) Weighted average cost
Periodic 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
30 units at $118
Mar. 10
Purchase
60 units at $128
Aug. 30
Purchase
30 units at $134
Dec. 12
Purchase
80 units at $138
There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.
Cost of Ending Inventory and Cost of Goods Sold
Inventory Method
Ending Inventory
Cost of Goods Sold
First-in, first-out (FIFO)
$
$
Last-in, first-out (LIFO)
Weighted average cost
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