Question
Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale...
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 @ $100 per unit Mar. 10 Purchase 50 units @ $112 per unit Aug. 30 Purchase 10 units @ $120 per unit Dec. 12 Purchase 90 units $122 per unit There are 20 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, presenting your answers in the form below. Round the average cost per unit to the nearest cent and round your final answers to the nearest whole dollar. Schedule of Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. FIFO b. LIFO c. Average cost
Answers
Answer:
schedule of cost of Merchandise inventory and cost of merchandise sold:
Inventory method Merchandise inventory Merchandise sold FIFO $2,440 (20 unit*$122/unit) $20,340 LIFO $2,000 (20 units*100/unit) $20,780 Average cost $2,278 (20 units*($22780/200)) $20,502 Note: Merchandise sold = Total purchases-Merchandise inventory
Total purchases = (50*100)+(50*112)+(10*120)+(90*122) = $ 22,780
Thank you.
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