E6-15,

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

Jan. 1

Inventory

42 units at $180

Apr. 10

Purchase

58 units at $195

Sept. 30

Purchase

20 units at $204

Dec. 12

Purchase

30 units at $210

There are 37 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form:

Cost

Inventory Method

Merchandise Inventory

Merchandise Sold

a. First-in, first-out

$

$

b. Last-in, first-out

c. Average cost