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nline x w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker- assignments&takeAssignmentSessionlocator-assign; eBook Show Me How Calculator Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1Inventory Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 80 units of the item in the physical inventory at December 31. The periodic inventory Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one ded 50 units at $100 50 units at $110 20 units at $118 80 units at $124 system is used. whole dollar. of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost ?? ] Check My Work 2 more Check My Work uses remaningExplanation / Answer
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance Oct1 50 100 5000 50 100 5000 Purchasse 10-Mar 50 110 5500 50 110 5500 30-Aug 20 118 2360 20 118 2360 12-Dec 80 124 9920 80 124 9920 TOTAL 200 22780 120 12860 80 124 9920 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance Oct1 50 100 5000 50 100 5000 Purchasse 10-Mar 50 110 5500 20 110 2200 30 110 3300 30-Aug 20 118 2360 20 118 2360 12-Dec 80 124 9920 80 124 9920 TOTAL 200 22780 120 14480 80 8300 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance Oct1 50 100 5000 Purchasse 10-Mar 50 110 5500 30-Aug 20 118 2360 12-Dec 80 124 9920 TOTAL 200 113.9 22780 120 113.9 13668 80 113.9 9112 Ending COGS Inventory FIFO 9920 12860 LIFO 8300 14480 Average 9112 13668
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