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 50 units at $106 Mar. 10 Purchase 70 units at $118 Aug. 30 Purchase 30 units at $124 Dec. 12 Purchase 50 units at $130 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 calculation 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

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 50 units at $106 Mar. 10 Purchase 70 units at $118 Aug. 30 Purchase 30 units at $124 Dec. 12 Purchase 50 units at $130 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 calculation 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

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Description: Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:Jan. 1Inventory50 units at $106Mar. 10Purchase70 units at $118Aug. 30Purchase30 units at $124Dec. 12Purchase50 units at $1

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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