Of the 1600 items sold, 300 were sold from the beginning inventory, 500 were sold after the first purchase, 600 were sold after the second purchase and 200 were sold after the third purchase.

Required:

The ending inventory under average cost (perpetual inventory) is:

The cost of goods sold under Last-in, First-out (perpetual inventory) is:

The ending inventory under Last-in, First-out (perpetual inventory) is:

n

Transcribed Image Text:

On hand at start of period First purchase Second purchase Third purchase Number of units available for sale On hand at end of period | Number of units sold during period 400 units $3.00 unit cost 600 units S3.50 unit cost 700 units S3.30 unit cost 500 units 2.200 total units $3.40 unit cost 600 units 1,600 sold On hand at start of period First purchase Second purchase Third purchase Number of units available for sale On hand at end of period | Number of units sold during period 400 units $3.00 unit cost 600 units S3.50 unit cost 700 units S3.30 unit cost 500 units 2.200 total units $3.40 unit cost 600 units 1,600 sold

Answer rating: 100% (QA)

Question 1 The weighted average cost method updates the average cost of inventory each time a new or... View the full answer