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 $122 Mar. 10 Purchase 60 units at $130 Aug. 30 Purchase 30 units at $134 Dec. 12 Purchase 70 units at $138 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. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted average cost Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10. Product Inventory Quantity Cost Per Unit Market Value per Unit (Net Realizable Value) Class 1: Model A 42 $204 $187 Model B 25 207 203 Model C 23 198 191 Class 2: Model D 28 283 288 Model E 32 204 188 a. Determine

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Periodic FIFO No of Units Cost per unit Total Opening Inventory 4000 12200 488000 Purchases Mar 10 6000 13000 780000 Purchases Aug 30 3000 13400 40200... View the full answer