Periodic Inventory by Three Methods Cost of Merchandise Sold The units of an item available for sale during the year were as follows Jan 1 Inventory 50 units $116 Mar 10 Purchase 50 units $126 Aug 30 Purchase 30 units $134 Dec 12 Purchase 70 units $136 There are 80 units of the item in the physical inventory at December 31 The periodic inventory system is used Determine the inventory cost and the cost of merchandise sold by three methods Round interim calculations to one decimal and final answers to the nearest whole dollar Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First in, first out (FIFO) $ $ Last in, first out (LIFO) Weighted average cost

Question

Periodic Inventory by Three Methods  Cost of Merchandise Sold The units of an item available for sale during the year were as follows  Jan  1 Inventory 50 units   $116 Mar  10 Purchase 50 units   $126 Aug  30 Purchase 30 units   $134 Dec  12 Purchase 70 units   $136 There are 80 units of the item in the physical inventory at December 31  The periodic inventory system is used  Determine the inventory cost and the cost of merchandise sold by three methods  Round interim calculations to one decimal and final answers to the nearest whole dollar  Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First in, first out (FIFO) $ $ Last in, first out (LIFO) Weighted average cost

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Jan. 1	Inventory	50 units @ $116
Mar. 10	Purchase	50 units @ $126
Aug. 30	Purchase	30 units @ $134
Dec. 12	Purchase	70 units @ $136

Question

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1

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Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method	Merchandise Inventory	Merchandise Sold
First-in, first-out (FIFO)	$	$
Last-in, first-out (LIFO)
Weighted average cost