The units of an item available for sale during the year were as follows: Jan. 1 Feb. 17 Beg Inventory 9 units at $360 each Purchase Jul. 21 Nov. 23 18 units at $414 each Purchase 21 units at $468 each Purchase 12 units at $495 each There are 16 units of the item in the physical inventory at year end, December 31. Instructions: Determine the cost of merchandise sold (cost of goods sold) and the cost of the ending merchanise inventory. 1. the first-in, first-out method 2. the last-in, first-out method 3. the average cost method Inventory Method Cost of Merchandise Sold Cost of Ending Inventory First-in, First-out Last-in, First-out Average Cost

The units of an item available for sale during the year were as follows: Jan. 1 Feb. 17 Beg Inventory 9 units at $360 each Purchase Jul. 21 Nov. 23 18 units at $414 each Purchase 21 units at $468 each Purchase 12 units at $495 each There are 16 units of the item in the physical inventory at year end, December 31. Instructions: Determine the cost of merchandise sold (cost of goods sold) and the cost of the ending merchanise inventory. 1. the first-in, first-out method 2. the last-in, first-out method 3. the average cost method Inventory Method Cost of Merchandise Sold Cost of Ending Inventory First-in, First-out Last-in, First-out Average Cost

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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