eBook

Show Me How

Periodic inventory by three methods; cost of goods sold

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

Jan. $1$ Inventory $40$ units at $$110$

Mar. $10$ Purchase $70$ units at $$122$

Aug. $30$ Purchase $20$ units at $$126$

Dec. $12$ Purchase $70$ units at $$128$

There are $80$ 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. In your calculations round average unit cost to the nearest cent, and $r$ other calculations and your final answers to the nearest dollar.

Cost of Ending Inventory and Cost of Goods Sold

Inventory Method Ending Inventory Cost of Goods Solofy

First$-$in$,$ first$-$out $($FIFO$)$ : $

Last$-$in$,$ first$-$out $($LIFO$)$

Weighted average cost

Previous

Next

All work saved.

Submit Assignment for Grading