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 40 units at $128 Mar. 10 Purchase 60 units at $138 Aug. 30 Purchase 30 units at $142 Dec. 12 Purchase 70 units at $146 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. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold 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 | 40 units at $128 |
| Mar. 10 | Purchase | 60 units at $138 |
| Aug. 30 | Purchase | 30 units at $142 |
| Dec. 12 | Purchase | 70 units at $146 |
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. Round interim calculations to one decimal and final answers to the nearest whole dollar.
Cost of Ending Inventory and Cost of Goods Sold
| Inventory Method | Ending Inventory | Cost of Goods Sold |
| First-in, first-out (FIFO) | ||
| Last-in, first-out (LIFO) | ||
| Weighted average cost |
Every business keeps inventory in its business for sale. Companies should keep records of all inventory, including how many pieces are in the warehouse, the cost of each piece, and the pieces sold. There are several methods of inventory valuation, and companies can choose one of them to maintain inventory records for the business.
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