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 @ $128 Mar. 10 Purchase 60 units @ $136 Aug. 30 Purchase 30 units @ $140 Dec. 12 Purchase 60 units @ $144 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 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 50 units @ $128 Mar. 10 Purchase 60 units @ $136 Aug. 30 Purchase 30 units @ $140 Dec. 12 Purchase 60 units @ $144 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 a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) c. Weighted average cost

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Description: Periodic Inventory by Three Methods; Cost of Merchandise SoldThe units of an item available for sale during the year were as follows:Jan. 1Inventory50 units @ $128Mar. 10Purchase60 units @ $136Aug. 30Purchase30 units @ $140Dec. 12Purchase60 units @

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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Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units and Cost Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 17 units 17 Purchase 10 units @ $20 30 Sale 8 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of goods sold for the September 30 sale. fill in the blank 1 of 2$ b. Determine the inventory on September 30.
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 @ $122 Mar. 10 Purchase 70 units @ $134 Aug. 30 Purchase 20 units @ $138 Dec. 12 Purchase 70 units @ $140 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 fill in the blank 6
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