Question

In: Accounting

Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale...

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 20 units at $1,800
May 15 Purchase 29 units at $1,950
Aug. 7 Purchase 13 units at $2,040
Nov. 20 Purchase 15 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 $ $
b. Last-in, first-out method $ $
c. Weighted average cost method $ $

Solutions

Expert Solution


Related Solutions

Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale...
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 21 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 10 units at $2,040 Nov. 20 Purchase 15 units at $2,100 There are 18 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...
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale...
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...
Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale...
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 per unit Mar. 10 Purchase 40 units @ $134 per unit Aug. 30 Purchase 10 units @ $140 per unit Dec. 12 Purchase 100 units @ $144 per unit There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
Periodic inventory by three methods; cost of goods sold The units of an item available for...
Periodic 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 $98 Mar. 10 Purchase 70 units at $110 Aug. 30 Purchase 10 units at $118 Dec. 12 Purchase 70 units at $120 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...
Periodic inventory by three methods; cost of goods sold The units of an item available for...
Periodic 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 40 units at $124 Mar. 10 Purchase 50 units at $136 Aug. 30 Purchase 20 units at $142 Dec. 12 Purchase 90 units at $144 There are 60 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...
Periodic inventory by three methods; cost of goods sold The units of an item available for...
Periodic 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 40 units at $104 Mar. 10 Purchase 60 units at $114 Aug. 30 Purchase 10 units at $122 Dec. 12 Purchase 90 units at $128 There are 40 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...
Periodic inventory by three methods; cost of goods sold The units of an item available for...
Periodic 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 40 units at $100 Mar. 10 Purchase 70 units at $108 Aug. 30 Purchase 30 units at $114 Dec. 12 Purchase 60 units at $120 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...
Periodic inventory by three methods; cost of goods sold The units of an item available for...
Periodic 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 30 units at $118 Mar. 10 Purchase 70 units at $126 Aug. 30 Purchase 30 units at $134 Dec. 12 Purchase 70 units at $140 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...
Periodic inventory by three methods; cost of goods sold The units of an item available for...
Periodic 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 $118 Mar. 10 Purchase 70 units at $130 Aug. 30 Purchase 30 units at $138 Dec. 12 Purchase 50 units at $142 There are 60 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...
Periodic inventory by three methods; cost of goods sold The units of an item available for...
Periodic 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 $104 Mar. 10 Purchase 60 units at $112 Aug. 30 Purchase 20 units at $120 Dec. 12 Purchase 70 units at $124 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...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT