The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,060 units @ $124 Feb. 17   Purchase 1,400 units @ $125 Jul. 21   Purchase 1,515 units @ $126 Nov. 23   Purchase 1,125 units @ $127 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a.  Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b.  Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c.  Determine the inventory cost by the weighted average cost method. $fill in the blank 3

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 1,060 units @ $124
Feb. 17   Purchase 1,400 units @ $125
Jul. 21   Purchase 1,515 units @ $126
Nov. 23   Purchase 1,125 units @ $127

There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value.

a.  Determine the inventory cost by the first-in, first-out method.
$fill in the blank 1

b.  Determine the inventory cost by the last-in, first-out method.
$fill in the blank 2

c.  Determine the inventory cost by the weighted average cost method.
$fill in the blank 3

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