Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $43 Feb. 17 Purchase 15 units at $44 Jul. 21 Purchase 4 units at $47 Nov. 23 Purchase 13 units at $48 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is us cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $43 Feb. 17 Purchase 15 units at $44 Jul. 21 Purchase 4 units at $47 Nov. 23 Purchase 13 units at $48 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is us cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Periodic Inventory by Three Methods The
units of an item available for sale during the
year were as follows: Jan. 1 Inventory 10 units
at $43 Feb. 17 Purchase 15 units at $44 Jul. 21
Purchase 4 units at $47 Nov. 23 Purchase 13
units at $48 There are 10 units of the item in
the physical inventory at December 31. The
periodic inventory system is us cent and final
answers to the nearest whole dollar, if
required. a. Determine the inventory cost by
the first-in, first-out method. b. Determine the
inventory cost by the last-in, first-out method.
c. Determine the inventory cost by the
weighted average cost method.
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