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v2.cengagenow.com Cloud Yahoo Google Wilkipedia Facebook Twitter Linkedin The Weather Channel TripAdvisor Yelp CengageNOww2 Online teaching and learning resource from Cengage Learning PAI Periodic Inventory by Three Methods; Cost of Merchandise Solc The units of an item available for sale during the year were as follows Jan, 1 Mar. Aug. 30 Purchase Dec. 12 There are 104 units of the item in the physical inventory at December 31·The periodic inventory system is used Determine the inventory cost and the cost of merchandise sold by three methods 90 units at $54 112 units at $55 100 units at $58 98 units at $60 Inventory 10 Purchase Purchase Cost of Merchandise Inventory and Cost of Merchandise Soild Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Merchandise Inventory Merchandise Sold Note that this exeroise uses the periodic inventory syslem. FIFO means that the first units purchased are assumed KPr Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grading 4) F7 FS F1O F11 akExplanation / Answer
FIFO Method
Cost of goods sold
Ending inventory
LIFO Method
Cost of goods sold
Ending inventory
Weighted Average Method
Cost of goods sold
Ending inventory
Units Rate Amount Sale from beginning inventory 90 $ 54 $ 4,860 Sale from March 10 purchase 112 $ 55 $ 6,160 Sale from Aug 30 purchase 94 $ 58 $ 5,452 Cost of goods sold 296 $ 16,472Related Questions
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