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 30 units at $114 Mar. 10 70 units at $126 Aug. 30 Purchase 30 units at $134 Dec. 12 Purchase 70 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 nearest cent, and round all calculations and your final answers to the nearest dollar. Inventory Purchase 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 1000
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 30 units at $114 Mar. 10 70 units at $126 Aug. 30 Purchase 30 units at $134 Dec. 12 Purchase 70 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 nearest cent, and round all calculations and your final answers to the nearest dollar. Inventory Purchase 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 1000
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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Step 1: Introduce to FIFO, LIFO AND WEIGHTED AVERAGE
VIEWStep 2: Working for goods available for sale and units in ending inventory
VIEWStep 3: Working for cost of goods and ending inventory using FIFO
VIEWStep 4: Working for cost of goods sold and ending inventory using LIFO
VIEWStep 5: Working for cost of goods sold and ending inventory using weighted average method
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