Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,075 units @ $124 Feb. 17 Purchase 1,420 units @ $126 July 21 Purchase 1,660 units @ $128 Nov. 23 Purchase 1,125 units @ $128 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,075 units @ $124 Feb. 17 Purchase 1,420 units @ $126 July 21 Purchase 1,660 units @ $128 Nov. 23 Purchase 1,125 units @ $128 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.
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 | 1,075 units @ $124 |
Feb. 17 | Purchase | 1,420 units @ $126 |
July 21 | Purchase | 1,660 units @ $128 |
Nov. 23 | Purchase | 1,125 units @ $128 |
There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.
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