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

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Periodic Inventory by Three Methods; Cost of Merchandise SoldThe units of an item available for sale during the year were asfollows: Jan. 1 Inventory 50 units @ $90 Mar. 10 Purchase 50 units@ $100 Aug. 30 Purchase 10 units @ $104 Dec. 12 Purchase 90 units @$110 There are 60 units of the item in the physical inventory atDecember 31. The periodic inventory system is used. Determine theinventory cost and the cost of merchandise sold by three methods.Round interim calculations to one decimal and final answers to thenearest whole dollar. Cost of Merchandise Inventory and Cost ofMerchandise Sold Inventory Method Merchandise Inventory MerchandiseSold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO)Weighted average cost

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Ans Available for sale Date Units Rate Total 1Jan 50 90 4500 10Mar 50 100 5000 30Aug 10 104 1040 12Dec 90 110 9900 Total available for sale 200 20440 No of units sold Total units available Physical or ending See Answer

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