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

Jan. 1	Inventory	50 units at $96
Mar. 10	Purchase	70 units at $106
Aug. 30	Purchase	30 units at $112
Dec. 12	Purchase	50 units at $116

There are 80 units of the item in the physicalinventory at December 31. The periodic inventory system isused.

Determine the ending inventory cost and the cost of goods soldby three methods. Round interim calculations to one decimal andfinal 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

Answer rating: 100% (QA)

Inventory Cost of Goods Sold Firstin firsto... View the full answer