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
900 units at $54
Mar. 10
Purchase
1,120 units at $55
Aug. 30
Purchase
1,000 units at $58
Dec. 12
Purchase
980 units at $60
There are 1,000 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 Sold
Inventory Method
Merchandise Inventory Merchandise Sold
a. First-in, first-out (FIFO) $ 59,960 ✔
167,040 ✔
b. Last-in, first-out (LIFO)
c. Weighted average cost
Feedback
56,750
170,250
Help me with the b)
Before 02 November
