Question

Determine the inventory cost and the cost of merchandise sold by theee methods.

assignm c a Search hlaw com Health. Loo 8 HP see what's Hot Show Me Calo.lat: Firt Item periodic Inventory by Three Methods Cost of Merchandise Sold The units of an item available for sale during the year were as follown 40 units $98 Mar. 10 Purchase 40 units o $110 Aug. 30 purchase 30 units o s 118 Dec. 12 purchase 90 units o s124 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 sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar, Cost of Merchandise Inventory and Cost of Merchandise sold Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFo) s 4960 Last in, first-out (LIFO) weighted average cost Note that this exeroise uses the periodic inventory system. FIFo means that the fist units purchased are assumed to be the first to be sold. Therefore, ending inventory oosts for the period are o laulated by t number of items remaining in the physical inventory times the most ase prio If the number of items in last purchase layer isleis than the number in ending inventory, the balanoe of the ending be reoorded at the second most recent Purdnasecost The of merchandise sold to the can caloutated by the form the total of goods available for Note that this exercise uses the period inventory system LIFo means the last units purchased are assumed to be the fint to be sold. Therefore the ending inventory for the period is made up of the cariert the period the beginning inventory).

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