Question 1 :

There are 10 units of the item in the A detailed listing of merchandise on hand.physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required.

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.

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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.

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c.Determine the inventory cost by the weighted average cost method.

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