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 $124 Mar 10 Purchase 50 units at $134 Aug 30 Purchase 30 units at $142 Dec 12 Purchase 70 units at $146 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 nearest whole dollar Cost of Ending Inventory and Cost of Goods Sold Inventory Method E nding Inventory Cost of Goods Sold First in, first out (FIFO) $ 11,640 15,740 Last in, first out (LIFO) 10,220 17,160 Weighted average cost 3,920 X 2 4 X

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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 $124 Mar  10 Purchase 50 units at $134 Aug  30 Purchase 30 units at $142 Dec  12 Purchase 70 units at $146 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 nearest whole dollar  Cost of Ending Inventory and Cost of Goods Sold Inventory Method E nding Inventory Cost of Goods Sold First in, first out (FIFO) $ 11,640 15,740 Last in, first out (LIFO) 10,220 17,160 Weighted average cost 3,920 X 2  4 X

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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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