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 30 units at $94 Mar. 10 70 units at $106 Aug. 30 30 units at $112 Dec. 12 70 units at $114 Inventory Purchase Purchase 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. 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 30 units at $94 Mar. 10 70 units at $106 Aug. 30 30 units at $112 Dec. 12 70 units at $114 Inventory Purchase Purchase 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. 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
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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
Inventory
Purchase
Purchase
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.
Mar. 10
Aug. 30
Dec. 12
30 units at $94
70 units at $106
30 units at $112
70 units at $114
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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