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Determine the ending inventory cost

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Reference no: EM132593205

Question - The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 50 units at $98

Mar. 10 Purchase 70 units at $110

Aug. 30 Purchase 20 units at $114

Dec. 12 Purchase 60 units at $116

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Reference no: EM132593205

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