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
30 units at $118
Mar. 10
Purchase
60 units at $128
Aug. 30
Purchase
30 units at $136
Dec. 12
Purchase
80 units at $142
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)
$fill in the blank 1
$fill in the blank 2
Last-in, first-out (LIFO)
fill in the blank 3
fill in the blank 4
Weighted average cost
fill in the blank 5
fill in the blank 6
Answer & Explanation
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