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 50 units @ $114 Mar. 10 Purchase 60 units @ $124 Aug. 30 Purchase 30 units @ $128 Dec. 12 Purchase 60 units @ $134 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.

Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method Merchandise Inventory Merchandise Sold
First-in, first-out (FIFO) $ $
Last-in, first-out (LIFO)
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

Advance Math
1.2K views

How can we use Hilbert's theorem 90 to find all Pythagorean triples?

Biology
1.2K views

Describe the “Modern Synthesis” of the theory of evolution. Include all aspects of Darwin’s original theory...

Medical Sciences
1.2K views

Hyperparathyroidism questions: 1. Based on what you know about the targets of parathyroid hormone, predict the symptoms...

Biology
1.2K views

44 2 In Mendelian garden pea experiment yellow seed color Y was dominant and green...

Biology
1.2K views

photosynthesis and cellular respiration take place A Both occur in the nucleus B Mitochondria and...

Biology
1.2K views

MULTIPLE CHOICE True or false Denitrification returns nitrogen to the atmosphere A B True False

Biology
1.2K views

Lichens are a symbiotic relationship between:a. a fungus and a mossb. two kinds of fungic....

Accounting
1.2K views

The bank portion of last month's bank reconciliation for Wildhorse Limited at October...

Accounting
1.2K views

2. Facilities provides the most services to the other support departments, followed closely by human...

Accounting
1.2K views

True or False "To identify checks that were written before the year-end but...

Accounting
1.2K views

Simon Company's year-end balance sheets follow. \begin{tabular}{lr|r|r|} \hline At December 31 & Current Year &...

Accounting
1.2K views

Leon Fillmore's lifelong dream is to own his own fishing boat to use in his...