# Periodic inventory by three methods; cost of merchandise sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,800 units at $108 Mar. 10 Purchase 2,240 units at$128 Aug 30 Purchase 2,000 units at $116 Dec. 12 Purchase 1,960 units at$120 There are 2,000 units of the item in the physical inventory at Deccmber 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting vour answers in the following form: Inventory Method Cost Merchandise Inventory Merchandise Sold a. First-in, first-out  b. Last-in, first-out c. Weighted average cost

### Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

### Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

#### Solutions

Chapter
Section
Chapter 7, Problem 7.13EX
Textbook Problem

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