Question
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 30 units at $128
Mar. 10 Purchase 50 units at $138
Aug. 30 Purchase 20 units at $144
Dec. 12 Purchase 100 units at $148
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. Round interim calculations to one decimal and final answers to the nearest whole dollar.
Cost of Ending Inventory and Cost of Goods Sold
(FIFO) | Ending Inventory is ? | Cost of Goods Sold ? | |
Last-in, first-out (LIFO) | Ending Inventory is ? | Cost of Goods Sold ? | |
Weighted average cost | Ending Inventory is ? | Cost of Goods Sold ? |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started