Periodic inventory by three methods; cost of goods sold
The units of an item available for sale during the year were as follows:
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. 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
Firstin firstout FIFO $ uarr
Lastin firstout LIFO
Weighted average cost
