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 40 units at $94 Mar 10 Purchase 70 units at $104 Aug 30 Purchase 20 units at $108 Dec 12 Purchase 70 units at $112 There are 40 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

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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 40 units at $94 Mar  10 Purchase 70 units at $104 Aug  30 Purchase 20 units at $108 Dec  12 Purchase 70 units at $112 There are 40 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

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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	40 units at $94
Mar. 10	Purchase	70 units at $104
Aug. 30	Purchase	20 units at $108
Dec. 12	Purchase	70 units at $112



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