Question Content Area Periodic inventory by three methods; cost of goods sold The units...
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Accounting
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Periodic inventory by three methods; cost of goods sold
The units of an item available for sale during the year were as follows:
Date
Line Item Description
Units and Cost
Jan. 1
Inventory
50 units at $114
Mar. 10
Purchase
60 units at $126
Aug. 30
Purchase
20 units at $130
Dec. 12
Purchase
70 units at $132
There are 80 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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.
Inventory Method
Ending Inventory
Cost of Goods Sold
First-in, first-out (FIFO)
$First-in, first-out (FIFO)
$First-in, first-out (FIFO)
Last-in, first-out (LIFO)
Last-in, first-out (LIFO)
Last-in, first-out (LIFO)
Weighted average cost
Weighted average cost
Weighted average cost
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