Glencoe Accounting

Chapter 25: Inventories

Homework Practice

Calculating Ending Inventory and Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

There are 10 units of the item in the physical inventory on December 31.

Instructions

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:

1. FIFO
2. LIFO
3. Weighted-Average

Round all answers to the nearest cent.