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 900 units at $54
Mar. 10 Purchase 1,120 units at $55
Aug. 30 Purchase 1,000 units at $58
Dec. 12 Purchase 980 units at $60

There are 1,000 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.

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 fill in the blank 6

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