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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 2,400 units at $4 Feb. 17 Purchase 3,000 units at $5 Jul. 21 Purchase 3,300 units at $6 Nov. 23 Purchase 1,300 units at $7 There are 1,900 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet 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 your answer to the nearest dollar.

Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,400 units at $4 Feb. 17 Purchase 3,000 units at $5 Jul. 21 Purchase 3,300 units at $6 Nov. 23 Purchase 1,300 units at $7 There are 1,900 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet 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 your answer to the nearest dollar.

Chemistry
Chemistry
10th Edition
ISBN:9781305957404
Author:Steven S. Zumdahl, Susan A. Zumdahl, Donald J. DeCoste
Publisher:Steven S. Zumdahl, Susan A. Zumdahl, Donald J. DeCoste
Chapter1: Chemical Foundations
Section: Chapter Questions
Problem 1RQ: Define and explain the differences between the following terms. a. law and theory b. theory and...
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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 2,400 units at $4 Feb. 17 Purchase 3,000 units at $5 Jul. 21 Purchase 3,300 units at $6 Nov. 23 Purchase 1,300 units at $7 There are 1,900 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet 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 your answer to the nearest dollar.
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 2,400 units at $4 Feb. 17 Purchase 3,000 units at $5 Jul. 21 Purchase 3,300 units at $6 Nov. 23 Purchase 1,300 units at $7 There are 1,900 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet 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 your answer to the nearest dollar.
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