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.
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
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
u5205 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.
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b. Determine the inventory cost by the last-in, first-out method.
%$4
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.
11:13 PM
W
5/20/202
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