Hoffman Stereo uses the periodic inventory system. Data for their inventories on January 1, the beginning of their fiscal year, as well as pur¬

chases during the year and the inventory count at December 31, are as follows:

Instructions 1. Determine the cost of the inventory on December 31 by the weighted-averagecost method. (Round to two decimal places.)
2. Determine the cost of the inventory on December 31 by the first-in, first-out method.
3. Determine the cost of the inventory on December 31 by the last-in, first-out method.

Transcribed Image Text:

Model CL247 JP314 Inventory, Jan. 1 6 @ $436 4 @ $692 9L21 17 @ $336 First purchase Second purchase Third purchase Fourth purchase Inventory, Dec. 31 9 @ 450 7 @ 722 21 @ 344 11 @ 460 8 @ 722 33 @ 344 8 @ 460 6 @ 736 14 @ 348 7 @ 466 8 7 23