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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 50 units at $120 Mar. 10 Purchase 70 units at $132 Aug. 30 Purchase 30 units at $138 Dec. 12 Purchase 50 units at $140 There are 80 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. In your calculations round average unit cost to the n round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold ☐ ☐ ☐ ☐

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 50 units at $120 Mar. 10 Purchase 70 units at $132 Aug. 30 Purchase 30 units at $138 Dec. 12 Purchase 50 units at $140 There are 80 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. In your calculations round average unit cost to the n round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold ☐ ☐ ☐ ☐

FINANCIAL ACCOUNTING
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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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 Mar. 10 Purchase 50 units at $120 70 units at $132 Aug. 30 Purchase 30 units at $138 50 units at $140 Dec. 12 Purchase There are 80 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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Ending Inventory Cost of Goods Sold Last-in, first-out (LIFO) Weighted average cost
Transcribed Image Text: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 Mar. 10 Purchase 50 units at $120 70 units at $132 Aug. 30 Purchase 30 units at $138 50 units at $140 Dec. 12 Purchase There are 80 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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Ending Inventory Cost of Goods Sold Last-in, first-out (LIFO) Weighted average cost
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