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Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: 23 units
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: 23 units at $1,800 each Jan. 1 Inventory June 9 Purchase July 28 Purchase 29 units at $1,950 each 13 units at $2,040 each 17 units at $2,100 each Nov. 1 Purchase There are 20 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round per unit cost to two decimal places, and use in subsequent computations. Round your final answers to the nearest dollar... Cost Inventory Method a. First-in, first-out method b. Last-in, first-out method c. Weighted average cost method Ending Inventory Cost of Goods Sold
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