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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 50 units at $100
Mar. 10 Purchase 70 units at $110
Aug. 30 Purchase 30 units at $118
Dec. 12 Purchase 50 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 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)
Last-in, first-out (LIFO)
Weighted average cost

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