financial &

Determining Amounts for Items Omitted from Income Statement An item has been omitted in each of the following four lists of income statement data. Determine the missing amount Chase Company Jessup Inc. Osterman Company Snyder Co. Sales $465,600 $1,108,000 $421,800 Cost of goods sold $421,400 $290,400 Gross profit $276,000 $87,800 $277,300 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 40 units at $96 Inventory Purchase Mar. 10 60 units at $106 Aug. 30 Purchase 20 units at $114 Dec. 12 Purchase 80 units at $118 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. Cost of Ending Inventory and Cost of Goods Sold Cost of Goods Sold Inventory Method Ending Inventory First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost