EX 7-12 Periodic inventory by three methodsThe units of an item available for sale during the year were as followJanFeb 17July 21Nov. 23InventoryPurchasePurchasePurchase1,000 units at $1201.375 units at $1281.500 units at $1361,125 units at $140OBJ. 2. 4There are 1,200 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost by (a) the first-in, first-out method(b) the last-in, first-out method; and (c) the weighted average cost method.

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Description: EX 7-12 Periodic inventory by three methodsThe units of an item available for sale during the year were as followJanFeb 17July 21Nov. 23InventoryPurchasePurchasePurchase1,000 units at $1201.375 units at $1281.500 units at $1361,125 units at $140OBJ.

Inventory valuation method is a method that uses various methods of determining the cost of goods…

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EX 7-12 Periodic inventory by three methods The units of an item available for sale during the year were as follows Jan 1 Feb 17 July 21 Nov. 23 Inventory Purchase Purchase Purchase 1,000 units at $120 1.375 units at $128 1.500 units at $136 1.125 units at $140 ORL 2., 4 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method (b) the last-in, first-out method; and (c) the weighted average cost method.

EX 7-12 Periodic inventory by three methods The units of an item available for sale during the year were as follows Jan 1 Feb 17 July 21 Nov. 23 Inventory Purchase Purchase Purchase 1,000 units at $120 1.375 units at $128 1.500 units at $136 1.125 units at $140 ORL 2., 4 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method (b) the last-in, first-out method; and (c) the weighted average cost method.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.12EX: Periodic inventory by three methods The units of an item available for sale during the year were as...

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Subject : Accounting