nku.3 Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:50 units at $10070 units at $10830 units at $11650 units at $122Jan. 1Mar. 10Aug. 30Dec. 12InventoryPurchasePurchasePurchaseThere are 60 units of the item in the physical inventory at December 31. The periodic inventorysystem is used.Determine the ending inventory cost and the cost of goods sold by three methods. In yourcalculations round average unit cost to the nearest cent, and round all other calculationsand your final answers to the nearest dollar.Cost of Ending Inventory and Cost of Goods SoldInventory MethodFirst-in, first-out (FIFO) $Last-in, first-out (LIFO)Weighted average costEnding Inventory Cost of Goods Sold11,120 X$7,100 X10,360 X6,886 X11,640 X22,954 X

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Description: nku.3 Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:50 units at $10070 units at $10830 units at $11650 units at $122Jan. 1Mar. 10Aug. 30Dec. 12InventoryPurchasePurchaseP

Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

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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: 50 units at $100 70 units at $108 30 units at $116 50 units at $122 Jan. 1 Inventory Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cos and the cos 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) $ Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold 11,120 X $ 7,100 X 10,360 X 11,640 X 6,886 X 22,954 X

Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: 50 units at $100 70 units at $108 30 units at $116 50 units at $122 Jan. 1 Inventory Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cos and the cos 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) $ Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold 11,120 X $ 7,100 X 10,360 X 11,640 X 6,886 X 22,954 X

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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