Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,045 units @ $130 Feb, 17 Purchase 1,380 units @ $132 July 21 Purchase 1,660 units @ $135 Nov. 23 Purchase 1,130 units @ $137 There are a205 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. Do not round intermediate calculation and round final to the nearest whole dollar.

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,045 units @ $130 Feb, 17 Purchase 1,380 units @ $132 July 21 Purchase 1,660 units @ $135 Nov. 23 Purchase 1,130 units @ $137 There are a205 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. Do not round intermediate calculation and round final to the nearest whole dollar.

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Description: Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1 Inventory1,045 units @ $130Feb. 17Purchase1,380 units @ $132July 21Purchase1,660 units @ $135Nov. 23 Purchase1,130 units @ $137There ar

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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