EX 6-12. Periodic Inventory by Three Methods Obj. 2, 4 The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,500 units at $5 Feb. 17 Purchase 3,300 units at $6 July 21 Purchase 3,000 units at $7 Nov. 23 Purchase 1,200 units at $8 There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by the (a) first-in, first-out method, (b) last-in, first-out method, and (c) weighted average cost method. SHOW ANSWER Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. Oct. 1. Paid rent for the month, $2,500. 4. Paid advertising expense, $1,000. 5. Paid cash for supplies, $1,800. 6. Purchased office equipment on account, $11,500. 22 12. 20. Received cash from customers on account, $7,500. Paid creditor on account, $2,700. 27. Paid cash for miscellaneous expenses, $700. 30. Paid telephone bill for the month, $475. REVIOUS PAGE 31. Fees earned and billed to customers for the month, $42,400. 31. Paid electricity bill for the month, $900. NEXT PAGE Pehlame: Saries A