ANSWER:
1) FIFO
Merchandise inventory
: [70units x $130] + [10 units x $126]
= $9,100 + $1,260
= $10,360
Medchandise Sold:
[50 units x $108] + [60 units x $118] + [10 units x $126]
= $5,400 + $7,080 + $1,260
= $13,740
2) LIFO
Merchandise inventory:
[50 units x $108] + [30 x $118]
= $5,400 + $3,540
= $8,940
Medchandise Sold:
[30 units x $118] + [20 x $126] + [70 x $130]
= $3,540 + $2,520 + $9,100
= $15,160
3) Weighted Avg Cost
[50 units x $108] + [60 units x $118] + [20 units x $126] + [70 x $130]
$5,400+$7,080+$2,520+$9,100
= $24,100
$24,100 / 200 units
= $120.5 / unit
Merchandise inventory: $120.5 * 80 units = $9,640
Inventory sold: $120.5 * 120 units = $14,460
Note: According to HomeworkLib policy i answered the first one.
eBook Show Me How Calculator Periodic Inventory by Three Methods; Cost of Merchandise Sold The units...
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 17 units at $39 5 units at $41 10 units at $43 6 units at $43 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round ave cent and final answers to...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as folows Jan. 1 Inventory 50 units $92 Mar. 10 Purchase 50 units $100 Aug. 30 Purchase 30 units@ $104 Dec. 12 Purchase 70 units $108 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....
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 30 units @ $112 Mar. 10 Purchase 70 units @ $122 Aug. 30 Purchase 30 units @ $126 Dec. 12 Purchase 70 units @ $132 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...
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 40 units @ $112 Mar. 10 Purchase 60 units @ $120 Aug. 30 Purchase 30 units @ $126 Dec. 12 Purchase 70 units @ $128 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...
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 40 units @ $102 Mar. 10 Purchase 70 units $114 30 units @ $122 Aug. 30 Dec. 12 Purchase Purchase 60 units @ $128 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...
1) 2) ) Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 50 units@ $130 Jan. 1 Inventory Mar. 10 Purchase 60 units @ $138 Aug. 30 Purchase 20 units @ $142 70 units@ $144 Dec. 12 Purchase 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...
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 @ $108 Mar. 10 Purchase 70 units @ $118 Aug. 30 Purchase 10 units @ $126 Dec. 12 Purchase 70 units @ $130 There are 40 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...
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 30 units @ $92 Mar. 10 Purchase 70 units @ $102 Aug. 30 Purchase 30 units @ $106 Dec. 12 Purchase 70 units @ $112 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...
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 30 units @ $102 Mar. 10 Purchase 70 units @ $110 Aug. 30 Purchase 30 units @ $118 Dec. 12 Purchase 70 units @ $120 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...
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 40 units @ $122 Mar. 10 Purchase 70 units $132 Aug. 30 Purchase 30 units $138 Dec. 12 Purchase 60 units @ $140 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...