In: Accounting
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 | $ | $ |