Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,065 units @ $124 Feb. 17 Purchase 1,430 units @ $125 July 21 Purchase 1,540 units @ $126 Nov. 23 Purchase 1,140 units @ $127 There are 1,215 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. $ 150,660 x b. Determine the inventory cost by the last-in, first-out method. 150,810 c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. $ 152,522

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,065 units @ $124 Feb. 17 Purchase 1,430 units @ $125 July 21 Purchase 1,540 units @ $126 Nov. 23 Purchase 1,140 units @ $127 There are 1,215 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. $ 150,660 x b. Determine the inventory cost by the last-in, first-out method. 150,810 c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. $ 152,522

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What are some of the difficulties that might occur with the application of an IRR approach in project analysis. Why do they occur? What can you do to avoid the IRR problems. Explain fully.
Do not give solution in image
What do you mean by null hypothesis, how to test the hypothesis give the best examples?
We have a question about CAPM that we haven't found an accurate answer toThe question is: can the beta coefficient of B be negative and how can this be explained mathematically by it.With much gratitude and respect for the knowledge you provide .. with respect
None
I still don't understand and the answer to project X, Y and Z isn't correct. I got a different answer.
Sorry, to bother you but I am not sure where you came up with these numbers. They don't seem to be the same numbers in the question. I guess I am just really confused. Thank you for your help.
Why bother with pseudocode? Why not spend the time developing actual source code?
I don’t know how to solve for this
I used the formula to find the answer. I put it into my system and it market it wrong.
Explain how forensic accountants can use the so-called COFEE device?