Question

keAssigmenten Locator m ent takip Internet Explores elek Show Me How Calculator 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 tnventory 30 units $123 Mar. 10 Purchase 70 units $140 Aug 30 Purchase 30 units $144 Dec 12 70 units $148 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 the methods. Round interim calculations to ene decimal and the nearest whole dollar. answers to Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First- sout (F ) 200 x Latin, fost out (LIFOJ Waged average cost Mer ans Note that this exercise the periodic inwentary system FIFO means that the first units purchased are assured to be the first to be sold. Therefore, ending inventory costs for the period are ca t ed by taking the number of items remaining in the physical inventory times the most recent purchase price of the uniber of items in fact purchase layer is less than the number in ending invertory, the balance of the ending Inventory te must be recorded at the cond most recent purchase cost. The cost of merchandise word for the period can be caldated by attracting the ending inventory from the total cost of good wallable for sal Note that this exercise use the periodic inventory System.Lo means the last units purchased areasoned to be the first to be sold Therefore the ending inventory for the period is made up of the earliest coas from the period (the beginning inventory), the number of units in the ending inventory is water than the units in the beginning inventory, the exc i ts will be recorded at the next oldest cost ocated with the first purchase. The cost of merchandised for the period can be calculated by subtracting the ending i ntory from the total cost of goods available for sale Note that this exercises the periodic inventory system Average unit cost and the average unit cost of all a ble wits purchased ales Chad My Work Nex e Preus ss for Trastructor Save and Summit for Grading nts of a