The units of an item available for sale during the year were as follows: 6 units at $31 16 units at $33 16 units at $36 20 units at $37 There are 6 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. Jan. 1 Feb. 17 Jul. 21 Nov. 23 Inventory Purchase Purchase Purchase 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 average unit cost to the two decimal places, and round your final answer to the nearest dollar.

The units of an item available for sale during the year were as follows: 6 units at $31 16 units at $33 16 units at $36 20 units at $37 There are 6 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. Jan. 1 Feb. 17 Jul. 21 Nov. 23 Inventory Purchase Purchase Purchase 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 average unit cost to the two decimal places, and round your final answer to the nearest dollar.

Name: Periodic Inventory by Three MethodsThe units of an item available for
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Description: Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:6 units at $3116 units at $33Jan. 1InventoryFeb. 17PurchaseJul. 21PurchaseNov. 23 Purchase16 units at $3620 units at $37There are 6 units of t

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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