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28 Sep 2019
The units of an item available for sale during the year were asfollows:
Jan 1 inventory 42 units at $60
Mar 10 purchase 58 units at $65
Aug 30 purchase 20 units at $68
Dec 12 Purchase 30 units at $70
There are 36 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,presenting your answers in the following form:
Inventory Method Merchandise Inventory Merchandise Sold
a. first-in, first out $ $
b. Last in first out
c. Average cost
The units of an item available for sale during the year were asfollows:
Jan 1 inventory 42 units at $60
Mar 10 purchase 58 units at $65
Aug 30 purchase 20 units at $68
Dec 12 Purchase 30 units at $70
There are 36 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,presenting your answers in the following form:
Inventory Method Merchandise Inventory Merchandise Sold
a. first-in, first out $ $
b. Last in first out
c. Average cost
Jan 1 inventory 42 units at $60
Mar 10 purchase 58 units at $65
Aug 30 purchase 20 units at $68
Dec 12 Purchase 30 units at $70
There are 36 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,presenting your answers in the following form:
Inventory Method Merchandise Inventory Merchandise Sold
a. first-in, first out $ $
b. Last in first out
c. Average cost
Deanna HettingerLv2
28 Sep 2019
Related questions
Periodic Inventory by Three Methods; Cost of MerchandiseSold
The units of an item available for sale during the year were asfollows:
| Jan. 1 | Inventory | 40 units @ $116 |
| Mar. 10 | Purchase | 70 units @ $126 |
| Aug. 30 | Purchase | 30 units @ $134 |
| Dec. 12 | Purchase | 60 units @ $140 |
There are 80 units of the item in the physical inventory atDecember 31. The periodic inventory system is used.
Determine the inventory cost and the cost of merchandise sold bythree methods. Round interim calculations to one decimal and finalanswers to the nearest whole dollar.
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