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 40 units @ $94 Mar. 10 Purchase 70 units @ $104 Aug. 30 Purchase 30 units @ $108 Dec. 12 Purchase 60 units @ $114 There are 40 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. Round interim calculations to on Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method First-in, first-out (FIFO) $ Merchandise Inventory Merchandise Sold 16,560 Last-in, first-out (LIFO) 3,760 Weighted average cost
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 40 units @ $94 Mar. 10 Purchase 70 units @ $104 Aug. 30 Purchase 30 units @ $108 Dec. 12 Purchase 60 units @ $114 There are 40 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. Round interim calculations to on Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method First-in, first-out (FIFO) $ Merchandise Inventory Merchandise Sold 16,560 Last-in, first-out (LIFO) 3,760 Weighted average cost
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for cost of merchandise sold and merchandise inventory using FIFO
VIEWStep 3: Working for cost of merchandise sold and merchandise inventory using LIFO
VIEWStep 4: Working for cost of merchandise sold and merchandise inventory using weighted average method
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