Chapter 7 Homework Assignment (par Pirt tem Pariodie inventary by Three Methods PE 07-05 ALGO PE 07-06 ALGO EX 07-12.ALGO The units of an itam avalable for sale during the year were as folaws Zam. 1 Inventory 1,030 units es136 430 units $130 550 unts$141 1.140 units $143 Jul. 21 urchase EX 07-13 ALGO Nox, 23 Purthase Thare are 1,215 units of the item in the physical inventory at Decamber 31. The periodic inventory system is used. be not round intermedate calculstion and round final answer to nearest whale value. a. Determine the inventory cost by the first-in, first-out mechoo. b. Determine the inventory cost by the last-in, first-out method. ) 165,6101 v c. Determine the ieentory cost by the weighted average cost mathod. 1.30.609x D. Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first to be soid. Therefare, ending inventory costs for the period are caculatad by taking the number of tems rmaining in tha physical nventory times the mest recent purchase price. If the number of tems in last purchase layar is ess than the number in ending invantory, the balance of the ending Inventory items must be recordad at the second most recent purchase cost. Tha cast of 626 PM Type here to search