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In: Accounting

The units of an item available for sale during the year were as follows: Jan. 1...

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 40 units @ $124
Mar. 10 Purchase 70 units @ $134
Aug. 30 Purchase 20 units @ $140
Dec. 12 Purchase 70 units @ $142

There are 80 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. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method Merchandise Inventory Merchandise Sold
First-in, first-out (FIFO) $ $
Last-in, first-out (LIFO)
Weighted average cost

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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