The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,800 units at $108 Mar. 10 Purchase 2,240 units at $110 Aug. 30 Purchase 2,000 units at $116 Dec. 12 Purchase 1,960 units at $120 There are 2,000 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, presenting your answers in the following form

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 merchandise sold OBJ. 2, 4
The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 1,800 units at $108
Mar. 10 Purchase 2,240 units at $110
Aug. 30 Purchase 2,000 units at $116
Dec. 12 Purchase 1,960 units at $120
There are 2,000 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, presenting your answers in the following form:

 

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