The units of an item available for sale during the year were as follows: 9 units...

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The units of an item available for sale during the year were as follows: 9 units @ $47 Jan. 1 Inventory Feb. 17 Purchase 6 units @ $49 Jul. 21 Purchase 17 units @ $51 Nov. 23 Purchase 13 units @ $52 There are 9 units of the item in the physical inventory at December 31. The periodic inv nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. X c. Determine the inventory cost by the weighted average cost method. $ X The units of an item available for sale during the year were as follows: 9 units @ $47 Jan. 1 Inventory Feb. 17 Purchase 6 units @ $49 Jul. 21 Purchase 17 units @ $51 Nov. 23 Purchase 13 units @ $52 There are 9 units of the item in the physical inventory at December 31. The periodic inv nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. X c. Determine the inventory cost by the weighted average cost method. $ X

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Answer To determine the inventory cost using different methods we need to calculate the cost of goods sold COGS and the ending inventory a FirstIn Fir... View the full answer