Help

eBook Show Me How Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 900 units at $54 Mar. 10 Purchase 1,120 units at $55 Aug. 30 Purchase 1,000 units at $58 Dec. 12 Purchase 980 units at $60 There are 1,000 units of the item in the physical inventory at December 31. Th Determine the inventory cost and the cost of merchandise sold by three metho Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) X b. Last-in, first-out (LIFO) c. Weighted average cost Feedback Check My Work Note that this exercise uses the periodic inventory system. FIFO means th items remaining in the physical inventory times the most recent purchase the second most recent purchase cost. The cost of merchandise sold for th Note that this exercise uses the periodic inventory system. LIFO means th (the beginning inventory). If the number of units in the ending inventory is merchandise sold for the period can be calculated by subtracting the endin