The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units at $1,800 each June 9 Purchase 30 units at $1,950 each July 28 Purchase 13 units at $2,040 each Nov. 1 Purchase 17 units at $2,100 each There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out method fill in the blank 3 fill in the blank 4 c. Weighted average fill in the blank 5 fill in the blank 6
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units at $1,800 each June 9 Purchase 30 units at $1,950 each July 28 Purchase 13 units at $2,040 each Nov. 1 Purchase 17 units at $2,100 each There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out method fill in the blank 3 fill in the blank 4 c. Weighted average fill in the blank 5 fill in the blank 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 22 units at $1,800 each |
| June 9 | Purchase | 30 units at $1,950 each |
| July 28 | Purchase | 13 units at $2,040 each |
| Nov. 1 | Purchase | 17 units at $2,100 each |
There are 18 units of the item in the physical inventory at December 31.
Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:
Round your final answers to the nearest dollar.
| Cost | ||
| Inventory Method | Ending Inventory | Cost of Goods Sold |
| a. First-in, first-out method | $fill in the blank 1 | $fill in the blank 2 |
| b. Last-in, first-out method | fill in the blank 3 | fill in the blank 4 |
| c. Weighted average | fill in the blank 5 | fill in the blank 6 |
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