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Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: There are 80 units of the item in the physical inventory at December 31 . The periodic invertory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Foedopto roheck My work Note that this exercise uses the periodic inventory systern, Fifo means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory costs for the period are calculated by taking the number of items remoining in the physical inventory times the most cecent purchase price. If the number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory items must be recerded at the tecond most recent purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory from the total cost of gocds available for sale. Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: There are 80 units of the item in the physical inventory at December 31 . The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, a other calculations and your final answers to the nearest dollar. Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefor inventory costs for the period are calculated by taking the number of items remaining in the physical inventory times the most recent purchase price number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory items must be recorded at 4 most recent purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventocy from the total cost of available for sale