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The units of an item available for sale during the year were as follows: Jan. 1 Beg Inventory Purchase Feb. 17 9 units at $360 each 18 units at $414 each 21 units at $468 each 12 units at $495 each Jul. 21 Purchase Nov. 23 Purchase There are 16 units of the item in the physical inventory at year end, December 31. Instructions: Determine the cost of merchandise sold (cost of goods sold) and the cost of the ending merchanise inventory 1. the first-in, first-out method 2. the last-in, first-out method 3. the average cost method

The units of an item available for sale during the year were as follows: Jan. 1 Beg Inventory Purchase Feb. 17 9 units at $360 each 18 units at $414 each 21 units at $468 each 12 units at $495 each Jul. 21 Purchase Nov. 23 Purchase There are 16 units of the item in the physical inventory at year end, December 31. Instructions: Determine the cost of merchandise sold (cost of goods sold) and the cost of the ending merchanise inventory 1. the first-in, first-out method 2. the last-in, first-out method 3. the average cost method

FINANCIAL ACCOUNTING
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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The units of an item available for sale during the year were as follows: Jan. 1 Feb. 17 Beg Inventory Purchase Purchase 9 units at $360 each 18 units at $414 each 21 units at $468 each 12 units at $495 each Jul. 21 Nov. 23 Purchase There are 16 units of the item in the physical inventory at year end, December 31. Instructions: Determine the cost of merchandise sold (cost of goods sold) and the cost of the ending merchanise inventory 1. the first-in, first-out method 2. the last-in, first-out method 3. the average cost method
Transcribed Image Text:The units of an item available for sale during the year were as follows: Jan. 1 Feb. 17 Beg Inventory Purchase Purchase 9 units at $360 each 18 units at $414 each 21 units at $468 each 12 units at $495 each Jul. 21 Nov. 23 Purchase There are 16 units of the item in the physical inventory at year end, December 31. Instructions: Determine the cost of merchandise sold (cost of goods sold) and the cost of the ending merchanise inventory 1. the first-in, first-out method 2. the last-in, first-out method 3. the average cost method
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