Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the units of an item available for sale during the

The units of an item available for sale during the year were as follows: ...

60.1K

Verified Solution

Question

Accounting

The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 40 units at $94
Mar. 10 Purchase 60 units at $106
Aug. 30 Purchase 30 units at $114
Dec. 12 Purchase ,70 units at $120
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 other calculations and your final answers to the nearest dollar.
\table[[Cost of Ending Inventory and Cost of Goods Sold],[Inventory Method Ending Inventory Cost of Goods Sold],[First-in, first-out (FIFO) $
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

[H3O^+(aq)] Drops of Stock Solutions Reaction Time Test Tube KMnO4 H2O H3O^+/H2SO4 C2O4H2 C-1 15 25 5 5 14mins 3 sec C-2 15 15 15 5 8mins 10sec C-3 15 5 25 5 3mins 8 sec a)     What are the molecules...

Chemistry
Q

The figure below gives the speed v versus time t for a 0.490 kg object of...

Physics
Q

For this Discussion, consider yourself in the following scenario: As an instructional designer, you have noticed...

Psychology
Q

Explain the Fisher Quantity Theory of Money

Economics
Q

2x 4 Consider the function f x 52 2 A where the function is not...

Calculus
Q

Given a solid bounded by the paraboloid z = 16-2 - y in the first...

Calculus
Q

You were recently hired by a large retail bookstore chain. Your training involved spending a...

Accounting
Q

Coronado Enterprises reported cost of goods sold for 2025 of $1,486,500...

Accounting
Q

Applebee sells speakers with a 6 month manufacturers warranty. At the time of purchase, customers...

Accounting
Q

Leno Company makes swimsuits and sells these suits directly to retailers. Although Leno has a...

Accounting
Q

analyze the issue and it's financial impact on the healthcare industry

Accounting
Q

El 1 de agosto de 2018, Mills Company tom prestados $78 000 en efectivo en...

Accounting