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
30 units @ $92
Mar. 10
Purchase
70 units @ $102
Aug. 30
Purchase
30 units @ $106
Dec. 12
Purchase
70 units @ $112
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
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