Assignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=assignment-take&inprogress-f Calculator Show Me How eBook Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 1,800 units at $108 Jan. 1 Inventory 2,240 units at $110 Purchase Mar. 10 2,000 units at $116 Purchase Aug. 30 Purchase 1,960 units at $120 Dec. 12 There are 2,000 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. Cost of Merchandise Inventory and Cost of Merchandise Sold Merchandise Inventory Merchandise Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Feజcosok y Check My Work Note that this exercise uses the periodic inventory System. FIFO means that the first units purchased are assumed inventory costs for the period are calculated by taking the number of items remaining in the physical inventory tim of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory iten purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory fr Check My Work All work saved. E e 12 SPombya4roy. ldu CKE
Assignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=assignment-take&inprogress-f Calculator Show Me How eBook Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 1,800 units at $108 Jan. 1 Inventory 2,240 units at $110 Purchase Mar. 10 2,000 units at $116 Purchase Aug. 30 Purchase 1,960 units at $120 Dec. 12 There are 2,000 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. Cost of Merchandise Inventory and Cost of Merchandise Sold Merchandise Inventory Merchandise Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Feజcosok y Check My Work Note that this exercise uses the periodic inventory System. FIFO means that the first units purchased are assumed inventory costs for the period are calculated by taking the number of items remaining in the physical inventory tim of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory iten purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory fr Check My Work All work saved. E e 12 SPombya4roy. ldu CKE
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Periodic Inventory by Three Methods; Cost of Merchandise Sold
The units of an item available for sale during the year were as follows:
1,800 units at $108
Jan. 1
Inventory
2,240 units at $110
Purchase
Mar. 10
2,000 units at $116
Purchase
Aug. 30
Purchase
1,960 units at $120
Dec. 12
There are 2,000 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.
Cost of Merchandise Inventory and Cost of Merchandise Sold
Merchandise Inventory
Merchandise Sold
Inventory Method
First-in, first-out (FIFO)
Last-in, first-out (LIFO)
Weighted average cost
Feజcosok
y Check My Work
Note that this exercise uses the periodic inventory System. FIFO means that the first units purchased are assumed
inventory costs for the period are calculated by taking the number of items remaining in the physical inventory tim
of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory iten
purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory fr
Check My Work
All work saved.
E e
12
SPombya4roy. ldu
CKE
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