Question

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	23 units at $1,800
May 15	Purchase	30 units at $1,950
Aug. 7	Purchase	12 units at $2,040
Nov. 20	Purchase	17 units at $2,100

There are 19 units of the item in the physical inventory at December 31.

Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form:

Round your final answers to the nearest dollar.

	Cost
Inventory Method	Ending Inventory	Cost of Goods Sold
a. First-in, first-out method	$fill in the blank 1	$fill in the blank 2
b. Last-in, first-out method	$fill in the blank 3	$fill in the blank 4
c. Weighted average cost method	$fill in the blank 5	$fill in the blank 6

Answer 1