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 dollar Cost of Merchandise Inventory and Cost of Merchandiße 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 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 dollar Cost of Merchandise Inventory and Cost of Merchandiße 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. 1Inventory40 units e $94Mar. 10Purchase70 units e $102Aug. 30Purchase30 units e $106Dec. 12Purchase60 units e $

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 1,045 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 u5205 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. %24 b. Determine the inventory cost by the last-in, first-out method. %$4 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. 11:13 PM W 5/20/202 %24 %24
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