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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units @ $34 Feb. 17 Purchase 12 units @ $36 July 21 Purchase 4 units @ $38 Nov. 23 Purchase 17 units @ $39 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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 nearest cent and final answers to the nearest whole dollar, if required

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units @ $34 Feb. 17 Purchase 12 units @ $36 July 21 Purchase 4 units @ $38 Nov. 23 Purchase 17 units @ $39 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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 nearest cent and final answers to the nearest whole dollar, if required

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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Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units @ $34 Feb. 17 Purchase 12 units @ $36 July 21 Purchase 4 units @ $38 Nov. 23 Purchase 17 units @ $39 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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 nearest cent and final answers to the nearest whole dollar, if required.
Transcribed Image Text:Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units @ $34 Feb. 17 Purchase 12 units @ $36 July 21 Purchase 4 units @ $38 Nov. 23 Purchase 17 units @ $39 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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 nearest cent and final answers to the nearest whole dollar, if required.
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