Solution-Cost of merchandise sold, The periodic inventory

Cost of merchandise sold

Reference no: EM13530926

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	168 units at $60
Apr. 15	Purchase	232 units at $65
Sept. 3	Purchase	80 units at $68
Nov. 23	Purchase	120 units at $70

There are 140 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, presenting your answers in the following form:

		Cost
Inventory Method		Merchandise Inventory	Merchandise Sold
a.	First-in, first-out	$	$
b.	Last-in, first-out
c.	Average cost

Reference no: EM13530926

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Cost of merchandise sold

Reference no: EM13530926

Reference no: EM13530926

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