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Accounting 1A Chapter 6 - Inventories Inventory Calculations Practice Problems 1 There are 80 units...

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Accounting

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Accounting 1A Chapter 6 - Inventories Inventory Calculations Practice Problems 1 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Inventory Costing Methods - Periodic Inventory System Units Unit Cost Beginning 0 Inventory Purchase 220 units at $50 Purchase 80 units at $48 Purchase 100 units at $47 Total Sales for the 320 month 5 2 3 Total Cost of Merchandise Purchased During the Month 1 Total Number of Units Available During the Month 2 3 Total Units Sold During the Month 4 s Total Units in Ending Inventory 5 7 Cost of Goods Sold Under FIFO 28 cost of Goods Sold Under LIFO 30 31 Cost of Goods Sold Under Average Cost (Weighted Average) 32 33 34 Cost of Ending Inventory Under FIFO 2 Cost of Ending Inventory Under LIFO Cost of Ending Inventory Under Under Average Cost (Weighted Average)

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