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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
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 50 units at $130
Mar. 10 Purchase 70 units at $140
Aug. 30 Purchase 30 units at $148
Dec. 12 Purchase 50 units at $154
There are 40 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. Round interim calculations to one decimal and final answers to the nearest whole dollar.
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