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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

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
Mar 10 Purchase
Aug. 30 Purchase
Dec. 12 Purchase
40 units at $118
70 units at $130
30 units at $136
60 units at $138
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. In your calculations round averac 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 (LIF)
Weighted average cost
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