The units of an item available for sale during the year were as follows: 1 answer below »

EX 7-9 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

21 units at $180

Mar.

10

Purchase

29 units at $195

Aug.

30

Purchase

10 units at $204

Dec.

12

Purchase

15 units at $210

There are 24 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, fi rst-out

$

$

b. Last-in, fi rst-out

c. Average cost

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