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  3. periodic inventory by three methods; cost of goods

Periodic inventory by three methods; cost of goods sold The units of an item available...

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Accounting

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 180 units at $108
Mar. 10 Purchase 224 units at $110
Aug. 30 Purchase 200 units at $116
Dec. 12 Purchase 196 units at $120

There are 208 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 goods sold by three methods.

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

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