1. Inventory by Three Methods; Cost of Goods Sold
2. The units of an item available for sale during the year were as follows:
3. Jan. 1Inventory10 units at $970 eachJune 9Purchase45 units at $960 eachJuly 28Purchase30 units at $890 eachNov. 1Purchase15 units at $920 each
4. There are 25 units of the item in thephysical inventoryat December 31.
5. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:
6. CostInventory MethodEnding InventoryCost of Goods Solda.
7. First-in,
8. first-out
9. b.Last-in,
10. first-out$$
11. c.Weighted average$$