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 40 units at $100 Mar. 10 Purchase 60 units at $108 Aug. 30 Purchase 30 units at $114 Dec. 12 Purchase 70 units at $118 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. 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

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 40 units at $100 Mar. 10 Purchase 60 units at $108 Aug. 30 Purchase 30 units at $114 Dec. 12 Purchase 70 units at $118 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. 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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Description: Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:Jan. 1Inventory40 units at $100Mar. 10Purchase60 units at $108Aug. 30Purchase30 units at $114Dec. 12Purchase70 units at $1

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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