Periodic Inventory by Three Methods

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

Date Line Item Description Units and Cost

Jan. $1$ Inventory $12$ units at $$35$

Feb. $17$ Purchase $9$ units at $$37$

Jul. $21$ Purchase $10$ units at $$38$

Nov. $23$ Purchase $16$ units at $$39$

There are $12$ units of the item in the physical inventory at December $31.$ The periodic inventory system is used.

a$.$ Determine the inventory cost by the first$-$in$,$ first$-$out method.

fill in the blank $1$ of $3$$

$1,261$

b$.$ Determine the inventory cost by the last$-$in$,$ first$-$out method.

fill in the blank $2$ of $3$$

$1,244$

c$.$ Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.

fill in the blank $3$ of $3$$

$1,162$

Feedback Area

Feedback