The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $98 Mar. 10 Purchase 70 units @ $110 Aug. 30 Purchase 30 units @ $116 Dec. 12 Purchase 60 units @ $122 There are 80 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. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise 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 40 units @ $98 Mar. 10 Purchase 70 units @ $110 Aug. 30 Purchase 30 units @ $116 Dec. 12 Purchase 60 units @ $122 There are 80 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. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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![The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
40 units @ $98
Mar. 10
Purchase
70 units @ $110
Aug. 30
Purchase
30 units @ $116
Dec. 12
Purchase
60 units @ $122
There are 80 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. Round interim calculations to one decimal and final answers to the nearest whole dollar.
Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method
Merchandise Inventory
Merchandise Sold
First-in, first-out (FIFO) $
Last-in, first-out (LIFO)
Weighted average cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e320421-d8ac-4065-a3f1-d328936a391f%2F24635469-e9f5-4764-ba87-b2203acad0e3%2Fkkhsvtc_processed.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
40 units @ $98
Mar. 10
Purchase
70 units @ $110
Aug. 30
Purchase
30 units @ $116
Dec. 12
Purchase
60 units @ $122
There are 80 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. Round interim calculations to one decimal and final answers to the nearest whole dollar.
Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method
Merchandise Inventory
Merchandise Sold
First-in, first-out (FIFO) $
Last-in, first-out (LIFO)
Weighted average cost
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