Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,200 units at $7 Feb. 17 Purchase 3,700 units at $8 ul. 21 Purchase 2,700 units at $9 Nov. 23 Purchase 1,400 units at $10 There are 1,600 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, erform the required analysis, and input your answers in the questions below. pen spreadsheet Determine the inventory cost by the first-in, first-out method. Determine the inventory cost by the last-in, first-out method. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,200 units at $7 Feb. 17 Purchase 3,700 units at $8 ul. 21 Purchase 2,700 units at $9 Nov. 23 Purchase 1,400 units at $10 There are 1,600 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, erform the required analysis, and input your answers in the questions below. pen spreadsheet Determine the inventory cost by the first-in, first-out method. Determine the inventory cost by the last-in, first-out method. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

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Description: Periodic inventory by three methodsThe units of an item available for sale during the year were as follows:Nov. 23 Purchase 1,400 units at $10There are 1,600 units of the item in the physical inventory at December 31. The periodic inventory system i

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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