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...

80.2K

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 30 units @ $124 Mar. 10 Purchase 70 units @ $134 Aug. 30 Purchase 30 units @ $138 Dec. 12 Purchase 70 units @ $144 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. blank blank Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 c. Weighted average cost fill in the blank 5

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

Biology
1.2K views

name and michanism of diseaes related to conncentive tissue and the important thing is the referance...

Mechanical Engineering
1.2K views

The drive shaft of a dump truck is constructed of 3.5” OD x 1/4” wall round...

Advance Math
1.2K views

Let ?V be the set of vectors in ?2R2 with the following definition of addition and...

Physics
1.2K views

Define the term Fusion O The release of a gamma ray O When a neutron...

Calculus
1.2K views

When the expression is completely simplified, what is the exponent of 10?(10/2)-8x+6

Calculus
1.2K views

2 Small quantities of hydrogen can be prepared by the addition of hydrochloric acid to...

Algebra
1.2K views

1 to answer Parts A and B nial 2y Then determin 6y 2 7 8y...

Accounting
1.2K views

Sunita and Rajiv Malik are 38 years old and have one daughter, age 9. Sunita...

Accounting
1.2K views

At the start of 20X1 a company acquired a machine for $500,000. They decided to...

Accounting
1.2K views

A small heat pump costs $2,400 to purchase and install now. It has a projected...

Accounting
1.2K views

Wallace and Simpson formed a partnership. Wallace contributed $90,000, and Simpson contributed $70,000. Their partnership...

Accounting
1.2K views

MC Qu. 69 Which methods of evaluating a capital investment... Which methods of evaluating a...