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 $96
Mar. 10 Purchase 70 units at $104
Aug. 30 Purchase 10 units at $108
Dec.12 Purchase 70 units at $114
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. In your calculations round average unit cost to the nearest cent, and roun dall other calculations and your final answer to the nearest dollar. Cost of Endingg Inventory and Cost of Goods Sold
Inventory Method Ending Inventory Cost of Good Sold
First-in, first-out(FIFO) $_____ $______
Kast-in, first-out(LIFO) ______ _______
Weighted average cost ______ _______