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 24 units at $1,800 each June 9 Purchase 32 units at $1,950 each July 28 Purchase 12 units at $2,040 each Nov. 1 Purchase 15 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 X b. Last-in, first-out method c. Weighted average
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