### Periodic Inventory by Three Methods; Cost of Merchandise SoldThe units of an item available for sale during the year were as follows:- **Jan. 1 Inventory:** 50 units @ $104- **Mar. 10 Purchase:** 60 units @ $116- **Aug. 30 Purchase:** 20 units @ $124- **Dec. 12 Purchase:** 70 units @ $128There 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.#### Cost of Merchandise Inventory and Cost of Merchandise Sold| Inventory Method | Merchandise Inventory | Merchandise Sold ||-------------------------|-----------------------|------------------|| First-in, first-out (FIFO) | | || Last-in, first-out (LIFO) | | || Weighted average cost | | |You can fill in the values for Merchandise Inventory and Merchandise Sold using the FIFO, LIFO, and Weighted Average methods accordingly. Make sure to check your work for accuracy!

1. First-in, first-out method: Under the first-in-first-out method goods that are brought at earlier…

Answered: Periodic Inventory by Three Methods;…

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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The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
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 $126 Mar. 10 Purchase 40 units at $136 Aug. 30 Purchase 30 units at $140 Dec. 12 Purchase 80 units at $142 There are 40 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 Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $106 Mar. 10 Purchase 60 units @ $118 Aug. 30 Purchase 20 units @ $122 Dec. 12 Purchase 70 units @ $124 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. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted average cost
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Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at $400 per unit Feb. 19 Purchase 55 units at $460 per unit June 8 Purchase 62 units at $540 per unit Oct. 7 Purchase 57 units at $550 per unit There are 46 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. a. Determine the inventory cost by the first-in, first-out method.$ b. Determine the inventory cost by the last-in, first-out method.$ c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value.$
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,045 units @ $130 Feb. 17 Purchase 1,380 units @ $132 July 21 Purchase 1,660 units @ $135 Nov. 23 Purchase 1,130 units @ $137 There are 1,205 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. C. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. 11:52 PM 5/20/2021 DI %24 %24 %24
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
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 e $94 Mar. 10 Purchase 70 units e $102 Aug. 30 Purchase 30 units e $106 Dec. 12 Purchase 60 units e $110 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 dollam Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) S b. Last-in, first-out (LIFO) c. Weighted average cost
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 50 units @ $102 Mar. 10 Purchase 60 units @ $114 Aug. 30 Purchase 20 units @ $122 Dec. 12 Purchase 70 units @ $128 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. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5
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
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 40 units at $102 Mar. 10 Purchase 50 units at $110 Aug. 30 Purchase 10 units at $116 Dec. 12 Purchase 100 units at $118 There are 60 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) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6

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