Periodic inventory by three methods cost of goods sold the units of an item avai

Question

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 $130

Mar.10 purchase.    70 units at $142

Aug.30 purchase. 30 units at $146

Dec.12. purchase. 50 units at $150

there are four units of the item in 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 find answers to the nearest whole dollar.

cost of ending inventory and cost of goods sold.

inventory method. ending inventoryGood sod

fifo.                          

Lifo

weighted average cost

Explanation / Answer

determine the ending inventory cost and the cost of goods sold by three methods. round interim calculations to one decimal and find answers to the nearest whole dollar.  

FIFO LIFO Average cost Beginning inventory 6500 6500 6500 Purchase 21820 21820 21820 Cost of goods available for sale 28320 28320 28320 Ending inventory 4*150=600 4*130=520 (28320/200*4)=566 Cost of goods sold 27720 27800 27754

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.