Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units @ $29 Feb. 17 Purchase 9 units @ $30 July 21 Purchase 16 units @ $33 Nov. 23 Purchase 19 units @ $34 There are 12 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units @ $29 Feb. 17 Purchase 9 units @ $30 July 21 Purchase 16 units @ $33 Nov. 23 Purchase 19 units @ $34 There are 12 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.

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Description: Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory12 units @ $29Feb. 17 Purchase9 units @ $30July 21 Purchase16 units @ $33Nov. 23 Purchase19 units @ $34There are 12 units of th

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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