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

  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 $118
    Mar. 10 Purchase 60 units at $128
    Aug. 30 Purchase 30 units at $136
    Dec. 12 Purchase 80 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) $fill in the blank 1 $fill in the blank 2
    Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4
    Weighted average cost fill in the blank 5 fill in the blank 6

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 Accounting Tools For Business Decision-Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

2nd Canadian Edition

0470833378, 978-0470833377

More Books

Students also viewed these Accounting questions