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Category > Accounting Posted 20 Aug 2017 My Price 9.00

periodic inventory system

EX 6-13  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

inventory

90 units at $54

Mar.

10

Purchase

112 units at $55

aug.

30

Purchase

100 units at $58

dec.

12

Purchase

98 units 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, presenting your answers in the following form:

 

Cost

 

 

Inventory Method

Merchandise Inventory

Merchandise Sold

 

 

a.   First-in, first-out

b.   Last-in, first-out

c.   Weighted average cost

$

$

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 06:08 PM My Price 9.00

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