=+There are 48 units of the item in the physical inventory at December 31. The periodic inventory
Question:
=+There are 48 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; and
(c) the average cost method.
Inventory Unit Unit Item Quantity Cost Price Market Price Alpha 400 $ 6 $ 5 Beta 350 12 14 Inventory Unit Unit Item Quantity Cost Price Market Price Widget 100 $30 $27 Gidget 75 24 25 340 Chapter 7 Inventories
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