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
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
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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