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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 50 units at $100 Mar. 10 70 units at 108 Aug. 30 30 units at $116 Dec. 12 50 units at $118 Inventory Purchase Purchase. Purchase There are 60 of the item in the physical inventory at December 31. The periodic inventory system Determine the ending inventory cost and the cost of goods sold by three methods. In your calculation to the nearest cent, and round all other calculations and your final answers to the nearest de Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold Inventory Method First-in, first-out (FIFO) S 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 50 units at $100 Mar. 10 70 units at 108 Aug. 30 30 units at $116 Dec. 12 50 units at $118 Inventory Purchase Purchase. Purchase There are 60 of the item in the physical inventory at December 31. The periodic inventory system Determine the ending inventory cost and the cost of goods sold by three methods. In your calculation to the nearest cent, and round all other calculations and your final answers to the nearest de Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold Inventory Method First-in, first-out (FIFO) S Last-in, first-out (LIFO) Weighted average cost

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 50 units at $100 70 units at 108 30 units at $116 50 units at $118 There are 60 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. Mar. 10 Aug. 30 Dec. 12 Inventory Purchase Purchase. Purchase. Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold Inventory Method First-in, first-out (FIFO) $ 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 50 units at $100 70 units at 108 30 units at $116 50 units at $118 There are 60 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. Mar. 10 Aug. 30 Dec. 12 Inventory Purchase Purchase. Purchase. Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold Inventory Method First-in, first-out (FIFO) $ Last-In, first-out (LIFO) Weighted average cost
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