Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000 units at $15 Feb. 17 Purchase 1,375 units at $16 July 21 Purchase 1,500 units at $17 Nov. 23 Purchase 1,125 units at $18 There are 1,100 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. $fill in the blank 1 b.  Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c.  Determine the inventory cost by the weighted average cost method. $fill in the blank 3

FINANCIAL ACCOUNTING
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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 1,000 units at $15
Feb. 17 Purchase 1,375 units at $16
July 21 Purchase 1,500 units at $17
Nov. 23 Purchase 1,125 units at $18

There are 1,100 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.
$fill in the blank 1

b.  Determine the inventory cost by the last-in, first-out method.
$fill in the blank 2

c.  Determine the inventory cost by the weighted average cost method.
$fill in the blank 3

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