Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase July 21 Purchase Nov. 23 Purchase 10 units @ $27 18 units @ $29 15 units @ $30 20 units@ $31 There are 10 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. Round average unit cost to the nearest cent an dollar, if required. All work saved.
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase July 21 Purchase Nov. 23 Purchase 10 units @ $27 18 units @ $29 15 units @ $30 20 units@ $31 There are 10 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. Round average unit cost to the nearest cent an dollar, if required. All work saved.
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 Feb. 17 Purchase July 21 Purchase Nov. 23 Purchase 10 units @ $27 18 units @
$29 15 units @ $30 20 units @ $31 There are 10 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. Round average unit cost to the nearest cent an dollar, if
required. All work saved.
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