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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

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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