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 $118 Mar 10 Purchase 70 units at $130 Aug 30 Purchase 30 units at $138 Dec 12 Purchase 50 units at $142 There are 60 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) $ $ Last in, first out (LIFO) Weighted average cost

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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 $118 Mar  10 Purchase 70 units at $130 Aug  30 Purchase 30 units at $138 Dec  12 Purchase 50 units at $142 There are 60 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) $ $ Last in, first out (LIFO) Weighted average cost

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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

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Jan. 1	Inventory	50 units at $118
Mar. 10	Purchase	70 units at $130
Aug. 30	Purchase	30 units at $138
Dec. 12	Purchase	50 units at $142



Cost of Ending Inventory and Cost of Goods Sold
Inventory Method	Ending Inventory	Cost of Goods Sold
First-in, first-out (FIFO)	$	$
Last-in, first-out (LIFO)
Weighted average cost