Periodic inventory by three methods; cost of goods sold The units of an item available...
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Accounting
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
40 units at $90
Mar. 10
Purchase
40 units at $102
Aug. 30
Purchase
10 units at $110
Dec. 12
Purchase
110 units at $116
There are 60 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.
Cost of Ending Inventory and Cost of Goods Sold
Inventory Method
Ending Inventory
Cost of Goods Sold
First-in, first-out (FIFO)
Last-in, first-out (LIFO)
Weighted average cost
Answer & Explanation
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