FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
Mar. 10
Aug. 30
Inventory
Purchase
50 units at $110
50 units at $118
Purchase
30 units at $122
Dec. 12 Purchase
70 units at $124
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 all other
calculations and your final answers to the nearest dollar.
Cost of Ending Inventory and Cost of Goods Sold
Inventory Method
First-in, first-out (FIFO)
Last-in, first-out (LIFO)
$
Ending Inventory Cost of Goods Sold
$
Weighted average cost
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Transcribed Image Text: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 Mar. 10 Aug. 30 Inventory Purchase 50 units at $110 50 units at $118 Purchase 30 units at $122 Dec. 12 Purchase 70 units at $124 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 all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) $ Ending Inventory Cost of Goods Sold $ Weighted average cost
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