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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

  1. 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 60 units at $128
    Aug. 30 Purchase 30 units at $136
    Dec. 12 Purchase 80 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 goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

    Cost of Ending Inventory and Cost of Goods Sold
    Inventory Method Ending Inventory Cost of Goods Sold
    First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2
    Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4
    Weighted average cost fill in the blank 5 fill in the blank 6

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