FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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