Answered step by step
Verified Expert Solution
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 50 units at $126
Mar. 10 Purchase 70 units at $138
Aug. 30 Purchase 10 units at $146
Dec. 12 Purchase 70 units at $150
There are 80 units of the item in thephysical inventoryat 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.
Ch 6 eBook Show Me How 1. EX.06.13.ALGO Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: 2. EX.06.14 Jan. 1 Inventory 50 units at $126 Mar. 10 Purchase 70 units at $138 Aug. 30 Purchase 10 units at $146 Dec. 12 Purchase 70 units at $150 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 Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) 11,820 X 14,840 X Last-in, first-out (LIFO) 9,640 X 16,320 X Weighted average cost 10,384 X 15,576 X
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