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@ $126 Mar. 10 70 units @ $138 20 units@ $144 70 units@ $150 There are 80 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 and final answers to the nearest whole dollar. ) Aug. 30 Dec. 12 Purchase Purchase Purchase Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost X 000
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@ $126 Mar. 10 70 units @ $138 20 units@ $144 70 units@ $150 There are 80 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 and final answers to the nearest whole dollar. ) Aug. 30 Dec. 12 Purchase Purchase Purchase Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost X 000
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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
40 units @ $126
70 units @ $138
20 units @ $144
Purchase
70 units @ $150
There are 80 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 and final answers to the nearest
whole dollar.
)
Mar. 10
Aug. 30
Dec. 12
Inventory
Purchase
Purchase
Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method
Merchandise Inventory Merchandise Sold
X
X
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost
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