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