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The units of an item available for sale during the year were as follows: Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO and (c) the Average cost method.

The units of an item available for sale during the year were as follows: Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO and (c) the Average cost method.

FINANCIAL ACCOUNTING
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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Chegg Home Student question expert.chegg.com/qna/authoring/ans) C 个 Expert Q&A My solutions The units of an item available for sale during the year were as follows: Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO and (c) the Average cost method. ↑ 0 Notifications 8 v 1 Time Left: 00:09:51 go
Transcribed Image Text:Chegg Home Student question expert.chegg.com/qna/authoring/ans) C 个 Expert Q&A My solutions The units of an item available for sale during the year were as follows: Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO and (c) the Average cost method. ↑ 0 Notifications 8 v 1 Time Left: 00:09:51 go
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