Calculating Ending Inventory and Cost of Merchandise Sold
The units of an item available for sale during the year were as follows:
6 units @ $30
12 units @ $32
14 @ $35
8 @ $36
There are 10 units of the item in the physical inventory on December 31.
Download the 2-column stationery form by clicking on Accounting Forms from the Student Center. Determine the cost of ending inventory and the cost of merchandise sold under the following inventory methods:
Round all answers to the nearest cent.