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 $94 Mar. 10 Purchase 60 units at $104 Aug. 30 Purchase 30 units at $110 Dec. 12 Purchase 70 units at $114 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) 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 40 units at $94 Mar. 10 Purchase 60 units at $104 Aug. 30 Purchase 30 units at $110 Dec. 12 Purchase 70 units at $114 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) Weighted average cost Ending Inventory Cost of Goods Sold
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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![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 $94
Mar. 10
Purchase
60 units at $104
Aug. 30
Purchase
30 units at $110
Dec. 12 Purchase
70 units at $114
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)
Weighted average cost
Ending Inventory Cost of Goods Sold
000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdc860f7d-8144-482b-af65-d08d28366106%2F8515baee-22ab-4456-b743-4222c8ee9b3b%2Fswzg5b_processed.jpeg&w=3840&q=75)
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
Inventory
40 units at $94
Mar. 10
Purchase
60 units at $104
Aug. 30
Purchase
30 units at $110
Dec. 12 Purchase
70 units at $114
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)
Weighted average cost
Ending Inventory Cost of Goods Sold
000
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