Periodic inventory by three methods; cost of merchandise soldThe units of an item available for sale during the year were as follows:Jan. 1 Inventory 1,800 units at $108Mar. 10 Purchase 2,240 units at $128Aug 30 Purchase 2,000 units at $116Dec. 12 Purchase 1,960 units at $120There are 2,000 units of the item in the physical inventory at Deccmber 31. Theperiodic inventory system is used. Determine the inventory cost and the cost ofmerchandise sold by three methods, presenting vour answers in the following form:Inventory MethodCostMerchandise Inventory Merchandise Solda. First-in, first-out $ $b. Last-in, first-outc. 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 50 units @ $102 Mar. 10 Purchase 50 units @ $112 Aug. 30 Purchase 30 units @ $120 Dec. 12 Purchase 70 units @ $126 There are 80 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 final answers to the nearest whole dollar.   Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 c. Weighted average cost fill in the blank 5 fill in the blank 6

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units 1,960 LIFO 5,100 2,950 4,030 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Unit Cost $5 Average Cost 7 8

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units @ $24 Feb. 17 Purchase 6 units @ $25 July 21 Purchase 13 units @ $28 Nov. 23 Purchase 18 units @ $28 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.

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 30 units at $94 Mar. 10 Purchase 70 units at $102 Aug. 30 Purchase 30 units at $106 Dec. 12 Purchase 70 units at $112 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 Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ 16,394.4 X Last-in, first-out (LIFO) Weighted average cost Feedback

Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: 50 units at $98 Jan. 1 Inventory Mar. 10 Purchase Aug. 30 Purchase 50 units at $110 30 units at $118 70 units at $122 Dec. 12 Purchase 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) $ Ending Inventory Cost of Goods Sold Last-in, first-out (LIFO) Weighted average cost

Beginning inventory', purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,095 units @ $140 Feb. 17 Purchase 1,385 units @ $141 Jul. 21 Purchase 1,680 units @ $143 Nov. 23 Purchase 1,125 units @ $145 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $48 $768 Aug. 13 Purchase 13 units at $51 663 Nov. 30 Purchase 20 units at $52 1,040 Available for sale 49 units $2,471 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $25 $175 Aug. 7 Purchase 20 units at $27 540 Dec. 11 Purchase 10 units at $29 290 37 units $1,005 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost