Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $31 Feb. 17 Purchase 13 units at $33 Jul. 21 Purchase 11 units at $36 Nov. 23 Purchase 18 units at $38 There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $31 Feb. 17 Purchase 13 units at $33 Jul. 21 Purchase 11 units at $36 Nov. 23 Purchase 18 units at $38 There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.
Chapter1: Financial Statements And Business Decisions
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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:** 9 units at $31
- **Feb. 17 Purchase:** 13 units at $33
- **Jul. 21 Purchase:** 11 units at $36
- **Nov. 23 Purchase:** 18 units at $38
There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required.
a. Determine the inventory cost by the **first-in, first-out** method.
$[Enter your answer here]
b. Determine the inventory cost by the **last-in, first-out** method.
$[Enter your answer here]
c. Determine the inventory cost by the **weighted average cost** method.
$[Enter your answer here]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae4d90cc-e37f-4488-9904-9bf10b89cceb%2F9d0386e4-f4c1-4d11-bc09-2e328c351f97%2Fpjnluw_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:** 9 units at $31
- **Feb. 17 Purchase:** 13 units at $33
- **Jul. 21 Purchase:** 11 units at $36
- **Nov. 23 Purchase:** 18 units at $38
There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required.
a. Determine the inventory cost by the **first-in, first-out** method.
$[Enter your answer here]
b. Determine the inventory cost by the **last-in, first-out** method.
$[Enter your answer here]
c. Determine the inventory cost by the **weighted average cost** method.
$[Enter your answer here]
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