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 Inventory Method Ending Inventory Cost of Goods Sold 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 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 Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted average cost
Chapter10: Inventory
Section: Chapter Questions
Problem 5EA: Akira Company had the following transactions for the month. Calculate the ending inventory dollar...
Related questions
Topic Video
Question
i need the answer quickly
![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
Inventory Method
First-in, first-out (FIFO) $
Ending Inventory Cost of Goods Sold
Last-in, first-out (LIFO)
Weighted average cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffa3f0409-a1d4-4dde-8934-2ca24a0e7bc9%2F1a42358f-6e5a-4a7a-9216-d11794d01f8a%2Fhnf2uf_processed.png&w=3840&q=75)
Transcribed Image Text: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
Inventory Method
First-in, first-out (FIFO) $
Ending Inventory Cost of Goods Sold
Last-in, first-out (LIFO)
Weighted average cost
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning