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 21 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 10 units at $2,040 Nov. 20 Purchase 17 units at $2,100 There are 20 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method $ $ b. Last-in, first-out method $ $ c. Weighted average cost method $ $
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 21 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 10 units at $2,040 Nov. 20 Purchase 17 units at $2,100 There are 20 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method $ $ b. Last-in, first-out method $ $ c. Weighted average cost method $ $
Chapter1: Financial Statements And Business Decisions
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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 | 21 units at $1,800 |
| May 15 | Purchase | 29 units at $1,950 |
| Aug. 7 | Purchase | 10 units at $2,040 |
| Nov. 20 | Purchase | 17 units at $2,100 |
There are 20 units of the item in the physical inventory at December 31.
Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:
Round your final answers to the nearest dollar.
| Cost | ||
| Inventory Method | Ending Inventory | Cost of Goods Sold |
| a. First-in, first-out method | $ | $ |
| b. Last-in, first-out method | $ | $ |
| c. Weighted average cost method | $ | $ |
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