Question

The units of anitem available for sale during the year were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-Jan

Inventory

 

21 units at $180

 

 

 

 

 

 

10-Mar

Purchase

 

29 units at $195

 

 

 

 

 

 

30-Aug

Purchase

 

10 units at $204

 

 

 

 

 

 

Dec

Purchase

 

15 units at $210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There are 24 units of the itemin the physical inventory at December 31. Ther periodic inventorysystem is used. 

 

 

Determine the inventory costand the cost of merchandise sold by three methods presenting youranswers in the following form:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

InventoryMethod

 

MerchandiseInventory

 

Merchandise Sold