Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. periodic inventory by three methods; cost of merch

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available...

70.2K

Verified Solution

Question

Accounting

Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 40 units @ $130
Mar. 10 Purchase 70 units @ $140
Aug. 30 Purchase 20 units @ $148
Dec. 12 Purchase 70 units @ $150

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Inventory Method Merchandise Inventory Merchandise Sold
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

A circle and line are drawn. How many intersection points are possible? Select all possible...

Basic Math
1.2K views

Find answer for the following floor and ceiling functions. ?66.6? = ? ?66.6? = ? ?-66.6? = ? ?-66.6?...

Physics
1.2K views

A block of mass m initially at rest is dropped from a height h on...

Geometry
1.2K views

The questions below are posed in order to help you think about how to find...

Algebra
1.2K views

11 Determine which symmetries the graph of xy x y possess a x axis b...

Algebra
1.2K views

Exercises Write each degree measure in radians as a multiple of r and each radian...

Accounting
1.2K views

On November 1, a company established a $90 petty cash fund. On November 12, the...

Accounting
1.2K views

Scot and Vidia, married taxpayers, earn $242,000 in taxable income and $5,300 in interest from...

Accounting
1.2K views

Old MathJax webview need ans. in 5 min. plz...

Accounting
1.2K views

answer to both please Presented below is an aging schedule...

Accounting
1.2K views

Assume that a manufacturing company incurred the following: What is the total fixed selling and...

Accounting
1.2K views

1. R Company purchased $100,000 of 8% bonds on Jan 1, 2016 at a discount....