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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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