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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 40 units at $94
Mar. 10 Purchase 70 units at $104
Aug. 30 Purchase 20 units at $108
Dec. 12 Purchase 70 units at $112

There are 40 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

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