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E6-14 Inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 54 units at

E6-14 Inventory by three methods

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

Jan. 1

Inventory

54 units at $1,200

Mar. 6

Purchase

108 units at $1,380

Jul. 14

Purchase

126 units at $1,560

Nov. 2

Purchase

112 units at $1,650

There are 90 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method.

Please explain this to me as detailed as possible.

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