Solution-Determine the inventory cost and cost of

Determine the inventory cost and cost of merchandise sold

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Question - 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 50 units @ $116

Mar. 10 Purchase 50 units @ $128

Aug. 30 Purchase 30 units @ $136

Dec. 12 Purchase 70 units @ $138

There are 80 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.

a. First-in, first-out (FIFO)

b. Last-in, first-out (LIFO)

c. Weighted average cost

Reference no: EM133065741

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Determine the inventory cost and cost of merchandise sold

Reference no: EM133065741

Reference no: EM133065741

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