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 50 units at $120 Mar. 10 Purchase 70 units at $132 Aug. 30 Purchase 30 units at $138 Dec. 12 Purchase 50 units at $140 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 n 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) Weighted average cost Ending Inventory Cost of Goods Sold ☐ ☐ ☐ ☐

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 50 units at $120 Mar. 10 Purchase 70 units at $132 Aug. 30 Purchase 30 units at $138 Dec. 12 Purchase 50 units at $140 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 n 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) Weighted average cost Ending Inventory Cost of Goods Sold ☐ ☐ ☐ ☐

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Description: Photo from shiyalsuresh901 Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:Jan. 1 InventoryMar. 10 Purchase50 units at $12070 units at $132Aug. 30 Purchase30 units at $138

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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