The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,800 units at $108 2,240 units at $110 2,000 units at $116 Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase 1,960 units at $120 There are 2,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form: Cost Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average cost Merchandise Inventory %24 Merchandise Sold 24
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,800 units at $108 2,240 units at $110 2,000 units at $116 Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase 1,960 units at $120 There are 2,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form: Cost Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average cost Merchandise Inventory %24 Merchandise Sold 24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The units of an item available for sale during the year were as follows:
Jan.
1
Inventory
1,800 units at $108
2,240 units at $110
2,000 units at $116
Mar. 10
Purchase
Aug. 30
Purchase
Dec. 12
Purchase
1,960 units at $120
There are 2,000 units of the item in the physical inventory at December 31. The periodic
inventory system is used. Determine the inventory cost and the cost of merchandise sold
by three methods, presenting your answers in the following form:
Cost
Inventory Method
a. First-in, first-out
b. Last-in, first-out
c. Weighted average cost
Merchandise Inventory
%24
Merchandise Sold
24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F318945a7-dadc-4df2-ac9d-7b8828391ee8%2F72ac46bb-e531-4739-b6c2-f2a88a110a17%2F8dtqgv.jpeg&w=3840&q=75)
Transcribed Image Text:The units of an item available for sale during the year were as follows:
Jan.
1
Inventory
1,800 units at $108
2,240 units at $110
2,000 units at $116
Mar. 10
Purchase
Aug. 30
Purchase
Dec. 12
Purchase
1,960 units at $120
There are 2,000 units of the item in the physical inventory at December 31. The periodic
inventory system is used. Determine the inventory cost and the cost of merchandise sold
by three methods, presenting your answers in the following form:
Cost
Inventory Method
a. First-in, first-out
b. Last-in, first-out
c. Weighted average cost
Merchandise Inventory
%24
Merchandise Sold
24
![](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F318945a7-dadc-4df2-ac9d-7b8828391ee8%2F72ac46bb-e531-4739-b6c2-f2a88a110a17%2Fbg3b4re.jpeg&w=3840&q=75)
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