The units of an item available for sale during the year were as follows: There are 23
Question:
There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using
(a) The first-in, first-out (FIFO) method;
(b) The last-in, first-out (LIFO) method;
(c) The weighted average costmethod.
Transcribed Image Text:
Jan.1 May 7 Nov. 23 Inventory 24 units at $135 3,240 36 units at $150 5,400 Purchase 3t $162 4860 Purchase Available for sale 90 units $13,500
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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