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Periodic inventory by three methods; cost of goods sold The units of an item avallable for sale during the year were as follows: Jan. 1
Periodic inventory by three methods; cost of goods sold
The units of an item avallable for sale during the year were as follows:
Jan. Inventory
Mar. Purchase
Aug. Purchase
Dec. Purchase
units at $
units at $
units at $
units at $
There are units of the item in the physical inventory at December The periodic inventory system is used.
Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.
Cost of Ending Inventory and Cost of Goods Sold
Inventory Method Ending Inventory Cost of Goods Sold
Firstin firstout FIFO :
Lastin firstout UIFO
Weighted average cost
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