Periodic Inventory by Three Methods The units of an tem available for sale during the year were as follows: Jan. 1 Inventory 4 units at $50 Feb. 17 Purchase 8 units at $51 Jul. 21 Purchase 16 units at $53 Nov. 23 Purchase 19 units at $54 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, fiest-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.

Periodic Inventory by Three Methods The units of an tem available for sale during the year were as follows: Jan. 1 Inventory 4 units at $50 Feb. 17 Purchase 8 units at $51 Jul. 21 Purchase 16 units at $53 Nov. 23 Purchase 19 units at $54 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, fiest-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.

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Description: Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1 Inventory4 units at $50Feb. 17 Purchase8 units at $51Jul. 21 Purchase16 units at $53Nov. 23 Purchase19 units at $54There are 14 units o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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