The units of an item available for sale during the year were as follows: jan. 1 inventory 50 units @ $114 mar. 10 purchase 60 units @ $124 aug. 30 purchase 20 units @ $130 dec. 12 purchase 70 units @ $136 there are 80 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. round interim calculations to one decimal and final answers to the nearest whole dollar. cost of merchandise inventory and cost of merchandise sold inventory method merchandise inventory merchandise sold first-in, first-out (fifo) $ $ last-in, first-out (lifo) weighted average cost

Determine the inventory cost and the cost of merchandise sold by three methods.

FIFO Cost of Merchandise Inventory $10820  Cost of Merchandise Sold $14440

LIFO Cost of Merchandise Inventory $9420 Cost of Merchandise Sold  $15840

WAC Cost of Merchandise Inventory $10104 Cost of Merchandise Sold  $15156

Explanation:

Jan-150114    

¨Mar-1060124    

Aug-3020130    

Dec-1270136    

Purchases200      

Final Inventory80      

Sell units120      

FIFOPurch.Unit cost  Sell U.CostF. inv. Final Inv.cost

Jan-150    114          5057000    0

¨Mar-1060    124          6074400    0

Aug-3020    130           10130010    1300

Dec-1270    136                   70    9520

                          120 1444080     10820

LIFOPurch Unit costSell U. CostFinal inv.Final Inv.cost

Jan-150    114         0    0           50            5700

¨Mar-1060    124         30    3720   30            3720

Aug-3020    130         20    2600    00

Dec-1270    136          70     9520    00

                         120    15840    809420

Weigth Average costUnitUnit/costCost  CostInv.cost

Jan-1                           501145700    

¨Mar-10                           601247440    

                                  110119,4 13140    

Aug-30                           201302600    

                                 130121,0 15740    

Dec-12                            70136  9520    

                                 200 126,3 25260120        1515610104

agriculture and oil. natural resources, industry.