Periodic inventory by three methods; cost of goods sold
The units of an item available for sale during the year were as follows:
Date Line Item Description Units and Cost
Jan. Inventory units at $
Mar. Purchase units at $
Aug. Purchase units at $
Dec. Purchase units at $
There are units of the item in the physical inventory at December The periodic inventory system is used.
Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.
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Cost of Ending Inventory and Cost of Goods Sold
Inventory Method Ending Inventory Cost of Goods Sold
Firstin firstout FIFO $Firstin firstout FIFO
$Firstin firstout FIFO
Lastin firstout LIFO Lastin firstout LIFO
Lastin firstout LIFO
Weighted average cost Weighted average cost
Weighted average cost
