Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 40 units at $114
Mar. 10 Purchase 60 units at $126
Aug. 30 Purchase ,30 units at $134
Dec. 12 Purchase ,70 units at $138
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 calculatic to the nearest dollar.
\table[[Cost of Ending Inventory and 5mpst of Goods Sold],[Inventory Method Ending Inventory Cost of Goods Sold],[First-in, first-out (FIFO) :],[Last-in, first-out (LIFO)],[Weighted average cost]] pls answer fast
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditors For Stock Brokers

Authors: National Institute Of Securities Markets (NISM)

1st Edition

9350717581, 978-9350717585

More Books

Students also viewed these Accounting questions