Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,005 units @ $140 Feb. 17 Purchase 1,440 units @ $142 July 21 Purchase 1,530 units @ $145 Nov. 23 Purchase 1,125 units @ $145 There are 1,200 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 answer 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 1,005 units @ $140 Feb. 17 Purchase 1,440 units @ $142 July 21 Purchase 1,530 units @ $145 Nov. 23 Purchase 1,125 units @ $145 There are 1,200 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 answer to the nearest whole dollar.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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![Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Jan. 1 Inventory
1,005 units @ $140
Feb. 17 Purchase
1,440 units @ $142
July 21 Purchase
1,530 units @ $145
Nov. 23 Purchase
1,125 units @ $145
There are 1,200 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 answer to the nearest whole dollar.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8dce2d45-e53e-4637-ba24-77d500389fe2%2F7072a3dd-4d8f-4c4f-8701-57153a6dbe2a%2F9dj6kb_processed.png&w=3840&q=75)
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
1,005 units @ $140
Feb. 17 Purchase
1,440 units @ $142
July 21 Purchase
1,530 units @ $145
Nov. 23 Purchase
1,125 units @ $145
There are 1,200 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 answer to the nearest whole dollar.
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