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 Mar. 10 Inventory Purchase Aug. 30 Purchase Dec. 12 Purchase 40 units at $124 70 units at $132 20 units at $136 70 units at $138 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

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 Mar. 10 Inventory Purchase Aug. 30 Purchase Dec. 12 Purchase 40 units at $124 70 units at $132 20 units at $136 70 units at $138 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

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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I need your help tutor! This is how you answer the problem (a) Identify the Given and the Unknown or what is being asked in the problem (b)Provide the formula to be used (c)Plug in the given in the formula if there is a derivation of the formula please show it (d)Box the final answer. however, the final answer is already included in the problem, what you need to do is to match your answer and the answer in the book. Because in the book they only provide the answer but not the solution. Problem:
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