Q4.Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

Jan. 1I nventory 50 units at $120

Mar. 10 Purchase 60 units at $132

Aug. 30 Purchase 30 units at $140

Dec. 12 Purchase 60 units at $146

There are 80 units of the item in thephysical inventoryat 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). $ $

Last-in, first-out (LIFO)

Weighted average cost

Q9. Inventory on the balance sheet

Based on the data below, how would the inventory appear on the balance sheet, assuming that the lower of cost or market is used and the cost is determined by theFirst-in, first-out (FIFO)method?

Total cost: $248,000

Total market: $252,350

Lower-of-cost-or-market (LCM): $239,350

• The inventory would appear in the______?_______ section,

a. current assets

b. long-term assets

c. other assets

d. current liabilities

as follows, ________________?___________________ $ _______?________

a. Inventory-at cost (first-in, first-out method)

b. nventory-at net realizable value

c. Inventory-at lower of cost (first-in, first-out method) or net realizable value

d. Inventory-at first-in, first-out