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To continue with our Periodic Inventory Management topic and so I can get a "temperature check" on how you are understanding this topic: Please try this scenario which will be like what will be on the final exam. PLEASE ROUND TO THE NEAREST DOLLAR. The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods (ROUND TO THE NEAREST DOLLAR) Inventory Method FIFO (first in, first out) LIFO (last in, first out) Merchandise Inventory Cost Weighted Avg Cost Your post should be the detailed explanation/ calculations on how you got each answer.

To continue with our Periodic Inventory Management topic and so I can get a "temperature check" on how you are understanding this topic: Please try this scenario which will be like what will be on the final exam. PLEASE ROUND TO THE NEAREST DOLLAR. The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods (ROUND TO THE NEAREST DOLLAR) Inventory Method FIFO (first in, first out) LIFO (last in, first out) Merchandise Inventory Cost Weighted Avg Cost Your post should be the detailed explanation/ calculations on how you got each answer.

FINANCIAL ACCOUNTING
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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Please answer each part with all the methods including FIFO, LIFO, and WAC.
To continue with our Periodic Inventory Management topic and so I can get a "temperature check" on how you are understanding this topic: Please try this scenario which will be like what will be on the final exam. PLEASE ROUND TO THE NEAREST DOLLAR. The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods (ROUND TO THE NEAREST DOLLAR) Inventory Method FIFO (first in, first out) LIFO (last in, first out) Merchandise Inventory Cost Weighted Avg Cost Your post should be the detailed explanation/ calculations on how you got each answer.
Transcribed Image Text:To continue with our Periodic Inventory Management topic and so I can get a "temperature check" on how you are understanding this topic: Please try this scenario which will be like what will be on the final exam. PLEASE ROUND TO THE NEAREST DOLLAR. The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods (ROUND TO THE NEAREST DOLLAR) Inventory Method FIFO (first in, first out) LIFO (last in, first out) Merchandise Inventory Cost Weighted Avg Cost Your post should be the detailed explanation/ calculations on how you got each answer.
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