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 Mar. 10 Aug. 30 Inventory Purchase 50 units at $110 50 units at $118 Purchase 30 units at $122 Dec. 12 Purchase 70 units at $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. 4 Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold
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 Mar. 10 Aug. 30 Inventory Purchase 50 units at $110 50 units at $118 Purchase 30 units at $122 Dec. 12 Purchase 70 units at $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. 4 Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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