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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $106 Mar. 10 Purchase 70
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 50 units at $106 |
Mar. 10 | Purchase | 70 units at $118 |
Aug. 30 | Purchase | 30 units at $122 |
Dec. 12 | Purchase | 50 units at $126 |
There are 60 units of the item in the physical inventory at 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.
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