Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units at $104 Mar. 10 Purchase 40 units at $114 Aug. 30 Purchase 30 units at $120 Dec. 12 Purchase 100 units at $126 There are 60 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. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold X X X X X X Inventory Method First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units at $104 Mar. 10 Purchase 40 units at $114 Aug. 30 Purchase 30 units at $120 Dec. 12 Purchase 100 units at $126 There are 60 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. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold X X X X X X Inventory Method First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost
Chapter10: Inventory
Section: Chapter Questions
Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...
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