The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at $400 per unit Feb. 19 Purchase 55 units at $460 per unit 61 units at $520 per unit Purchase 59 units at $550 per unit There are 47 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. a. Determine the inventory cost by the first-in, first-out method. June 8 Oct. 7 Purchase b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value.

The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at $400 per unit Feb. 19 Purchase 55 units at $460 per unit 61 units at $520 per unit Purchase 59 units at $550 per unit There are 47 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. a. Determine the inventory cost by the first-in, first-out method. June 8 Oct. 7 Purchase b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value.

Name: Inventory by Three MethodsThe units of an item available for sale dur
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Description: Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Inventory27 units at $400 per unitPurchase55 units at $460 per unitPurchase61 units at $520 per unitPurchase 59 units at $550 per unitThere are 47 unit

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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