Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

mentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress false cat ES Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1

image text in transcribed

image text in transcribed

mentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress false cat ES Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,070 units @ $120 Feb. 17 Purchase 1,410 units @ $121 Jul. 21 Purchase 1,595 units @ $122 Nov. 23 Purchase 1,135 units @ $123 There are 1,210 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first in, first-out method. $ 90,720 X b. Determine the inventory cost by the last-in, first-out method. $ 76,800 x c. Determine the inventory cost by the weighted average cost method. $ 84,000 X Feedback Chock My Work 40 of 7:06 PM 11/11/2019 delete insert prt sc Toll signmentMain.do?invoker-assignments&take AssignmentSessionlocator assignment-takeinprogress-fake plicat Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,070 units @ $120 Feb. 17 Purchase 1,410 units @ $121 Jul. 21 Purchase 1,595 units @ $122 Nov. 23 Purchase 1,135 units @ $123 There are 1,210 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method. $ 5,553,34 X b. Determine the inventory cost by the last in first-out method. $ 76,800 x C. Determine the inventory cost by the weighted average cost method. $ 84,000 X Feedback - Chocky Work DISC backspace 110

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions