Inventory by Three Methods; Cost of Goods Sold The units of an item available for...
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Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at $1,800 May 15 Purchase 27 units at $1,950 Aug. 7 Purchase 14 units at $2,040 Nov. 20 Purchase 17 units at $2,100 There are 19 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, Round your final answers to the nearest dollar. Cost EndingCost of Goods Inventory Inventory Method a. First in, first-out method $ 39,780113,13 v b. Sold Last-in, first-out method 34,200 118,71 c. Weighted average cost922x method eedback - Check My Work a. In the FIFO method, the first units purchased are assumed to be the first to the cost of goods sold, deduct the ending inventory value from the sales amou b. In the LIFO method, the last units purchased are assumed to be the first to cost of goods sold, deduct the ending inventory value from the sales amount. c. In the weighted average cost method, the average cost of all available units number of units available for sale. Then, multiply the number of items remaini
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