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Question - Periodic 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 40 units at $104
Mar. 10 Purchase 70 units at $116
Aug. 30 Purchase 30 units at $122
Dec. 12 Purchase 60 units at $124
There are 80 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.
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