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

image text in transcribed
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 $126
Mar. 10 Purchase 60 units at $134
Aug. 30 Purchase 20 units at $142
Dec. 12 Purchase 70 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. 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 Ending Inventory Cost of Goods Sold
First-in, first-out (FIFO) & q
Last-n, first-out (LIFO)
Weighted average cost
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

Financial and Managerial Accounting the basis for business decisions

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

18th edition

125969240X, 978-1259692406

More Books

Students also viewed these Accounting questions