Question

In: Accounting

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...

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 40 units @ $116
Mar. 10 Purchase 70 units @ $128
Aug. 30 Purchase 30 units @ $134
Dec. 12 Purchase 60 units @ $138

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
a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2
b. Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4
c. Weighted average cost fill in the blank 5 fill in the blank 6

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 40 units @ $108 Mar. 10 Purchase 70 units @ $116 Aug. 30 Purchase 20 units @ $120 Dec. 12 Purchase 70 units @ $126 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 40 units @ $104 Mar. 10 Purchase 60 units @ $114 Aug. 30 Purchase 30 units @ $120 Dec. 12 Purchase 70 units @ $126 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 50 units @ $98 Mar. 10 Purchase 50 units @ $108 Aug. 30 Purchase 20 units @ $112 Dec. 12 Purchase 80 units @ $116 There are 60 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 50 units @ $120 Mar. 10 Purchase 60 units @ $128 Aug. 30 Purchase 20 units @ $132 Dec. 12 Purchase 70 units @ $134 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 50 units @ $130 Mar. 10 Purchase 60 units @ $138 Aug. 30 Purchase 20 units @ $142 Dec. 12 Purchase 70 units @ $148 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 30 units @ $90 Mar. 10 Purchase 70 units @ $98 Aug. 30 Purchase 30 units @ $106 Dec. 12 Purchase 70 units @ $110 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 50 units @ $112 Mar. 10 Purchase 60 units @ $120 Aug. 30 Purchase 30 units @ $126 Dec. 12 Purchase 60 units @ $132 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 50 units @ $124 Mar. 10 Purchase 60 units @ $132 Aug. 30 Purchase 20 units @ $138 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 30 units @ $100 Mar. 10 Purchase 70 units @ $112 Aug. 30 Purchase 20 units @ $120 Dec. 12 Purchase 80 units @ $124 There are 60 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
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 50 units @ $124 Mar. 10 Purchase 70 units @ $132 Aug. 30 Purchase 20 units @ $138 Dec. 12 Purchase 60 units @ $140 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...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT