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Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available...

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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 @ $130
Mar. 10 Purchase 70 units @ $140
Aug. 30 Purchase 20 units @ $148
Dec. 12 Purchase 70 units @ $150

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.

Inventory Method Merchandise Inventory Merchandise Sold
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost

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