Inventory by Three Methods

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

Jan.1	Inventory	25 units at $400 per unit
Feb. 19	Purchase	57 units at $460 per unit
June 8	Purchase	60 units at $540 per unit
Oct. 7	Purchase	59 units at $550 per unit

There are 47 units of the item in the A detailed listing of merchandise on hand.physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost under each of the following methods.

a. Determine the inventory cost by the The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred.first-in, first-out method. $

b. Determine the inventory cost by the A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.last-in, first-out method. $

c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value. $