Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item...
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Accounting
Periodic Inventory by Three Methods; Cost of Merchandise Sold
The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
40 units @ $108
Mar. 10
Purchase
60 units @ $120
Aug. 30
Purchase
30 units @ $128
Dec. 12
Purchase
70 units @ $134
There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.
Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method
Merchandise Inventory
Merchandise Sold
First-in, first-out (FIFO)
$_____
$_____
Last-in, first-out (LIFO)
_____
_____
Weighted average cost
_____
______
Answer & Explanation
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