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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $970 each June 9 Purchase
| The units of an item available for sale during the year were as follows: | |||
| Jan. 1 | Inventory | 10 units at $970 each |
|
| June 9 | Purchase | 45 units at $960 each |
|
/ a. Inventory, | July 28 | Purchase | 30 units at $890 each |
|
$22,700 | Nov. 1 | Purchase | 15 units at $920 each
|
There are 25 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:
Inventory Method
- First-in, first-out
- Last-in, first-out
- Weighted average
Ending
Inventory
$
Cost of
Goods Sold
$
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