Show Me How eBook
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 $130
Mar. 10 Purchase
70 units at $138
Aug. 30
Purchase
20 units at $144
Dec. 12 Purchase 70 units at $150
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 (FO)
Weighted average cost