Question
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,050 units @
Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 1,050 units @ $138 |
| Feb. 17 | Purchase | 1,445 units @ $139 |
| Jul. 21 | Purchase | 1,615 units @ $141 |
| Nov. 23 | Purchase | 1,150 units @ $141 |
There are 1,225 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.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
22nd Edition
324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844
