Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…
Periodic Inventory by Three Methods; Cost of Merchandise Sold
The units of an item available for sale during the year were as follows:Jan. 1Inventory90units at $54Mar. 10Purchase112units at $55Aug. 30Purchase100units at $58Dec. 12Purchase98units at $60
There are 104 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. Cost of Merchandise Inventory and Cost of Merchandise SoldInventory MethodMerchandise InventoryMerchandise SoldFirst-in, first-out (FIFO)$$Last-in, first-out (LIFO)Weighted average cost