Business, 26.06.2020 15:01 JOHNDoe3443
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units at $112 Mar. 10 Purchase 70 units at $122 Aug. 30 Purchase 30 units at $128 Dec. 12 Purchase 70 units at $132 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) $ 10,520 $ 14,460 Last-in, first-out (LIFO) 4,640 20,340 Weighted average cost 7,494 17,486
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