Solution-Determine the ending inventory cost and cost of

Determine the ending inventory cost and cost of goods sold

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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 50 units at $126

Mar. 10 Purchase 70 units at $138

Aug. 30 Purchase 10 units at $146

Dec. 12 Purchase 70 units at $150

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Problem 1: 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.

Reference no: EM132833674

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Determine the ending inventory cost and cost of goods sold

Reference no: EM132833674

Reference no: EM132833674

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