eriodic inventory by three methods; cost of goods sold
The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 50 units at $120 |
| Mar. 10 | Purchase | 70 units at $128 |
| Aug. 30 | Purchase | 30 units at $134 |
| Dec. 12 | Purchase | 50 units at $140 |
There are 60 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. Round interim calculations to one decimal and final answers to the nearest whole dollar.
| Cost of Ending Inventory and Cost of Goods Sold | ||
| Inventory Method | Ending Inventory | Cost of Goods Sold |
| First-in, first-out (FIFO) | $ | $ |
| Last-in, first-out (LIFO) | ||
| Weighted average cost |
Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 9 units at $48 |
| Feb. 17 | Purchase | 18 units at $49 |
| Jul. 21 | Purchase | 6 units at $51 |
| Nov. 23 | Purchase | 4 units at $51 |
There are 7 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.
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