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 40 units at $112 Mar. 10 70 units at $120 Aug. 30 Purchase 20 units at $128 Dec. 12 Purchase 70 units at $134 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. Inventory Purchase 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 40 units at $112 Mar. 10 70 units at $120 Aug. 30 Purchase 20 units at $128 Dec. 12 Purchase 70 units at $134 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. Inventory Purchase 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 $

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Description: 3 Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:40 units at $11270 units at $120Jan. 1InventoryPurchaseMar. 10Aug. 30PurchaseDec. 12 PurchaseThere are 80 units of the it

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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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:
40 units at $112
70 units at $120
Jan. 1
Inventory
Purchase
Mar. 10
Aug. 30
Purchase
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.
20 units at $128
Inventory Method
First-in, first-out (FIFO)
Last-in, first-out (LIFO)
Weighted average cost
70 units at $134
Cost of Ending Inventory and Cost of Goods Sold
Ending Inventory Cost of Goods Sold
$

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