Question
E6-15 Inventory by three methods; cost of mercahndise sold the units of an item availbale for sale during the year were as follows: Jan. 1
E6-15 Inventory by three methods; cost of mercahndise sold
the units of an item availbale for sale during the year were as follows:
Jan. 1 Inventory 42 units at $180
April 10 Purchase 58 units at $195
Sept. 30 Purchase 20 units at $204
Dec. 12 Purchase 30 units at $210
There are 37 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:
Cost
Inventory Method Merchandise Method Merchandise Sold
a. FIFO
b. LIFO
c. Average cost
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