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Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $94 Mar. 10 Purchase 70 units @ $104 Aug. 30 Purchase 30 units @ $108 Dec. 12 Purchase 60 units @ $114 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to on Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method First-in, first-out (FIFO) $ Merchandise Inventory Merchandise Sold 16,560 Last-in, first-out (LIFO) 3,760 Weighted average cost

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $94 Mar. 10 Purchase 70 units @ $104 Aug. 30 Purchase 30 units @ $108 Dec. 12 Purchase 60 units @ $114 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to on Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method First-in, first-out (FIFO) $ Merchandise Inventory Merchandise Sold 16,560 Last-in, first-out (LIFO) 3,760 Weighted average cost

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 Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Mar. 10 Aug. 30 Inventory Purchase 40 units @$94 70 units @ $104 Purchase 30 units @$108 Dec. 12 Purchase 60 units @ $114 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and t Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) 3,760 Weighted average cost 16,560
Transcribed Image Text:Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Mar. 10 Aug. 30 Inventory Purchase 40 units @$94 70 units @ $104 Purchase 30 units @$108 Dec. 12 Purchase 60 units @ $114 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and t Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) 3,760 Weighted average cost 16,560
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