Question - Periodic inventory by three methods; cost of goods sold
The units of an item available for sale during the year were as follows:
Jan. 1Inventory40 units at $106Mar. 10Purchase40 units at $114Aug. 30Purchase10 units at $118Dec. 12Purchase110 units at $120There 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.