Periodic inventory by three metnods; 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 50 units at $136 Aug. 30 Purchase 30 units at $144 Dec. 12 Purchase 70 units at $150 There are 80 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.

Periodic inventory by three metnods; 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 50 units at $136 Aug. 30 Purchase 30 units at $144 Dec. 12 Purchase 70 units at $150 There are 80 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.

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Description: **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, 50 units at $136- Aug. 30: Purchase, 30 units at $144- Dec.

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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