The units of an item available for sale during the year were as follows: jan. 1 inventory 30 units at $110 mar. 10 purchase 60 units at $120 aug. 30 purchase 10 units at $124 dec. 12 purchase 100 units at $128 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. cost of inventory and cost of goods sold :
inventory method ending inventory cost of goods sold
first-in, first-out (fifo) $ $
last-in, first-out (lifo)
weighted average cost

Concept/Method       W-A          FIFO        LIFO

Ending Inventory   $  14,280     10,240       9,300

COGS                     $  21,420     25,460    26,400

Explanation:

First, we calcualte the goods available for sale through the year:

Jan. 1    Inventory 30 units at $110   =   3,300

Mar. 10  Purchase 60 units at $120 =    7,200

Aug. 30  Purchase 10 units at $124 =  12,400

Dec. 12 Purchase 100 units at $128 =  12,800

Goods Available:  200 units  Cost:       35,700

Weighted average:

we divide the cost of goods available over the units :

35,700 / 200 = 178.5

Then we multiply for COGS and EI

120 units x  $ 178.5 = $  21,420 COGS

 80 units x $ 178.5 = $   14,280 Ending Inventory

FIFO

The first untis(oldest) are COGS and the last are inventory.

we determinate the ending inventory from the last row:

Dec. 12 Purchase 100 units at $128 =  12,800

On ending inventory there is 80 units so:

80 units x 128 = 10,240

Then COGS will be the diffrence between cost of good available and ending inventory:

35,700 - 10,240 = 25,460

LIFO

the last units (newest) are COGS and the first are inventory

we determinate the ending inventory from the first row:

Jan. 1    Inventory 30 units at $110   =   3,300

Ending invenotory 80 units - 30 units = 50 more units

we "grab" one more row:

Mar. 10  Purchase 60 units at $120 =    7,200

from we he need 50 units at 120

so ending inventory is:

30 units at $  110   =  3,300

50 units at $ 120    = 6,000

        Total                   9,300

Then, COGS is calculated by dfference like FIFO:

35,700 availalbe goods - 9,300 ending inventory = 26,400

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

answer; charters;