The units of an item available for sale during the year were as follows: 16 units at $38 16 units at $39 5 units at $40 20 units at $42 Jan. 1 Feb. 17 Jul. 21 Nov. 23 Inventory Purchase Purchase Purchase There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. 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.

The units of an item available for sale during the year were as follows: 16 units at $38 16 units at $39 5 units at $40 20 units at $42 Jan. 1 Feb. 17 Jul. 21 Nov. 23 Inventory Purchase Purchase Purchase There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. 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.

Name: The units of an item available for sale during the year were as follo
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Description: The units of an item available for sale during the year were as follows:Jan. 116 units at $38InventoryPurchaseFeb. 1716 units at $39Jul. 21Purchase5 units at $40Nov. 23 Purchase20 units at $42There are 16 units of the item in the physical inventory

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEB: The following three identical units of Item Beta are purchased during June: Assume that one unit is...

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