Homework Help is Here – Start Your Trial Now!
Business
Accounting
The units of an item available for sale during the year were as follows: Jan. 1 50 units at $118 Mar. 10 70 units at $128 Aug. 30 30 units at $134 Dec. 12 50 units at $138 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. Inventory Purchase Purchase Purchase Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold X X X X Inventory Method First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost

The units of an item available for sale during the year were as follows: Jan. 1 50 units at $118 Mar. 10 70 units at $128 Aug. 30 30 units at $134 Dec. 12 50 units at $138 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. Inventory Purchase Purchase Purchase Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold X X X X Inventory Method First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

5. 6 fill in blanks

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 50 units at $118 Mar. 10 70 units at $128 Aug. 30 30 units at $134 Dec. 12 Purchase 50 units at $138 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Inventory Purchase Purchase 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 First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold $ X X X X
Transcribed Image Text: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 50 units at $118 Mar. 10 70 units at $128 Aug. 30 30 units at $134 Dec. 12 Purchase 50 units at $138 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Inventory Purchase Purchase 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 First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold $ X X X X
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS