5. 6 fill in blanks Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:Jan. 150 units at $118Mar. 1070 units at $128Aug. 3030 units at $134Dec. 12 Purchase50 units at $138There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.InventoryPurchasePurchaseDetermine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost tothe nearest cent, and round all other calculations and your final answers to the nearest dollar.Cost of Ending Inventory and Cost of Goods SoldInventory MethodFirst-in, first-out (FIFO)Last-in, first-out (LIFO)Weighted average costEnding Inventory Cost of Goods Sold$XXXX

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Description: 5. 6 fill in blanks Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:Jan. 150 units at $118Mar. 1070 units at $128Aug. 3030 units at $134Dec. 12 Purchase50 units at $138The

Under FIFO method the oldest products in inventory have been sold first. Under LIFO method the…

Business

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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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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