Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: January 1 Inventory 22 units at $1,800 each June 9 Purchase 32 units at $1,950 each July 28 Purchase 13 units at $2,040 each November 1 Purchase 16 units at $2,100 each There are 19 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, presentin Round your final answers to the nearest dollar. Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average Cost Ending Inventory 39,720 34,200 125,021 X Cost Cost of Goods Sold 122,400 ✓ 127,920 125,021 X

Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: January 1 Inventory 22 units at $1,800 each June 9 Purchase 32 units at $1,950 each July 28 Purchase 13 units at $2,040 each November 1 Purchase 16 units at $2,100 each There are 19 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, presentin Round your final answers to the nearest dollar. Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average Cost Ending Inventory 39,720 34,200 125,021 X Cost Cost of Goods Sold 122,400 ✓ 127,920 125,021 X

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Description: Inventory by Three Methods; Cost of Goods SoldThe units of an item available for sale during the year were as follows:January 1Inventory22 units at $1,800 eachJune 9Purchase32 units at $1,950 eachJuly 28Purchase13 units at $2,040 eachNovember 1Purch

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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