Show Me How 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 Mar. 10 Purchase Aug. 30 Purchase Inventory 50 units at $94 60 units at $106 30 units at $112 Dec. 12 Purchase 60 units at $116 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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest 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 Check My Work Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for Grading ?
Show Me How 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 Mar. 10 Purchase Aug. 30 Purchase Inventory 50 units at $94 60 units at $106 30 units at $112 Dec. 12 Purchase 60 units at $116 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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest 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 Check My Work Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for Grading ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Mar. 10 Purchase
Aug. 30 Purchase
Inventory
50 units at $94
60 units at $106
30 units at $112
Dec. 12 Purchase
60 units at $116
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. In your calculations round average unit cost to the nearest cent, and round
all other calculations and your final answers to the nearest 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
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