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 50 units at $120 Mar. 10 Purchase 70 units at $132 Aug. 30 Purchase 30 units at $140 Dec. 12 Purchase 50 units at $146 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 50 units at $120 Mar. 10 Purchase 70 units at $132 Aug. 30 Purchase 30 units at $140 Dec. 12 Purchase 50 units at $146 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
Chapter1: Financial Statements And Business Decisions
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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
Mar. 10
Inventory
Purchase
50 units at $120
70 units at $132
Aug. 30
Purchase
30 units at $140
Dec. 12
Purchase
50 units at $146
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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