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

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Description: The units of an item available for sale during the year were as follows:Jan. 1Inventory40 units @ $98Mar. 10Purchase70 units @ $110Aug. 30Purchase30 units @ $116Dec. 12Purchase60 units @ $122There are 80 units of the item in the physical inventory a

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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