Question
The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20
The units of an item available for sale during the year were as follows:
January 10 January 15 | Inventory Sold | 27 units @ $90 20 units |
February 27 March 1 | Purchase Sold | 54 units @ $98 35 units |
July 11 July 15 | Purchase Sold | 63 units @ $106 75 units |
November 13 | Purchase | 36 units @ $115 |
There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine both ending inventory and cost of goods sold by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work?
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