Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: 40 units at $106. 70 units at $116 20 units at $124 70 units at $126 Jan. 1 Mar. 10 Inventory Purchase Purchase Aug. 30 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) $ Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold 50

Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: There are 80 units of theitem in the physacal 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 vour calculations round average unit cost to the nearest cent, and round all other calculations and vour final answers to the nearest dollar