determine the inventory cost and the cost of merchandise sold by three methods 272627

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: ?? There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. ? ?? HYPERLINK “http://west.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do” o “Hide” ?Hide?????Determine the inventory cost and the cost of merchandise sold by three methods. ?? ????????Schedule of Cost of Merchandise Inventory and Cost of Merchandise Sold ????Inventory Method ????Merchandise Inventory ????Merchandise Sold ????First in, first out (FIFO) ????$ Correct 8 ????$ Correct 9 ????Last in, first out (LIFO) ???? Correct 11 ???? Correct 12 ????Average cost ???? Correct 14 ???? Correct 15 ??????