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 Aug. 30 Inventory Purchase 50 units at $110 50 units at $118 Purchase 30 units at $122 Dec. 12 Purchase 70 units at $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. 4 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. 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 Mar. 10 Aug. 30 Inventory Purchase 50 units at $110 50 units at $118 Purchase 30 units at $122 Dec. 12 Purchase 70 units at $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. 4 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. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please solve with all workings like explanation , computation for each part and steps clearly in proper format answer in text form
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
Aug. 30
Inventory
Purchase
50 units at $110
50 units at $118
Purchase
30 units at $122
Dec. 12
Purchase
70 units at $124
There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.
4
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.
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education