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 $116 Mar. 10 Purchase 60 units at $124 Aug. 30 Purchase 30 units at $130 Dec. 12 Purchase 70 units at $136 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

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 $116 Mar. 10 Purchase 60 units at $124 Aug. 30 Purchase 30 units at $130 Dec. 12 Purchase 70 units at $136 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

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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. 1 Inventory40 units at $116Mar. 10Purchase60 units at $124Aug. 30Purchase30 units at $130Dec. 12Purchase70 units at $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2PB: DeForest Company had the following transactions for the month. Calculate the ending inventory dollar...

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