The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units at $108 Mar. 10 Purchase 224 units at $110 Aug. 30 Purchase 200 units at $116 Dec. 12 Purchase 196 units at $120 There are 208 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. Cost of Inventory and Cost of Goods Sold Cost of Goods Sold Ending Inventory Method Inventory First-in, first-out (FIFO) 33,728 x $ Last-in, first-out (LIFO) Weighted average cost 00

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units at $108 Mar. 10 Purchase 224 units at $110 Aug. 30 Purchase 200 units at $116 Dec. 12 Purchase 196 units at $120 There are 208 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. Cost of Inventory and Cost of Goods Sold Cost of Goods Sold Ending Inventory Method Inventory First-in, first-out (FIFO) 33,728 x $ Last-in, first-out (LIFO) Weighted average cost 00

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Description: Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were asfollows:Jan. 1Inventory180 units at $108Mar. 10Purchase224 units at $110Aug. 30Purchase200 units at $116Dec. 12Purchase196 units at

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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