Periodic inventory by three methods; cost of goods sold The units of an item available...
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Periodic 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 Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. 50 units at $96 40 units at $104 10 units at $108 100 units at $114 Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) S 5,700x Last-in, first-out (LIFO) 6,040X Weighted average cost6,432 x Ending Inventory Cost of Goods Sold 15,740x 15400 x 15,008 X
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