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.
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- 42 units at $720 Mar 19. Purchase- 58 units at $780 Aug 30.n Purchase- 20 units at $816 Dec 12. Purchase- 30 units at $840 There are 48 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. First-in, first-out (FIFO) : Merchandise Inventory= Merchandise Sold= Last-in, first-out (LIFO) : Merchandise Inventory= Merchandise Sold= Weighted average cost : Merchandise Inventory= Merchandise Sold=
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