Question
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units @
Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 10 units @ $27 |
Feb. 17 | Purchase | 18 units @ $29 |
July 21 | Purchase | 15 units @ $30 |
Nov. 23 | Purchase | 20 units @ $31 |
There are 10 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
b. Determine the inventory cost by the last-in, first-out method. $fill in the blank 2
c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. $fill in the blank 3
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started