Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $94 Mar. 10 Purchase 70 units @ $104 Aug. 30 Purchase 30 units @ $108 Dec. 12 Purchase 60 units @ $114 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal am Cost of Merchandise Inventory and Cost of Merchandise Sold Merchandise Inventory Inventory Method First-in, first-out (FIFO) $ X Last-in, first-out (LIFO) 3,760 ✔ Weighted average cost Merchandise Sold 16,560 V X X

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $94 Mar. 10 Purchase 70 units @ $104 Aug. 30 Purchase 30 units @ $108 Dec. 12 Purchase 60 units @ $114 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal am Cost of Merchandise Inventory and Cost of Merchandise Sold Merchandise Inventory Inventory Method First-in, first-out (FIFO) $ X Last-in, first-out (LIFO) 3,760 ✔ Weighted average cost Merchandise Sold 16,560 V X X

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Description: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: \table[[Jan. 1,Inventory,40 units @ $94],[Mar. 10,Purchase,70 units @ $104 Periodic Inventory by Three Methods; Cos

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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Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,080 units @ $120 Feb. 17 Purchase 1,380 units @ $122 Jul. 21 Purchase 1,525 units @ $125 Nov. 23 Purchase 1,145 units @ $125 There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method.$fill in the blank 3
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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 21 units at $1,800 each June 9 Purchase 29 units at $1,950 each July 28 Purchase 12 units at $2,040 each 17 units at $2,100 each Nov. 1 Purchase There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method 37,680 X b. Last-in, first-out method 32,400 122,130 c. Weighted average 35,209
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