The following information about one of the items carried in the food inventory of the Black Jack restaurant is taken from inventory records for the month of January.

1/1 Opening inventory 12 units @ $ 1.05 each

1/5 Purchased 18 units @ $ 1.15

1/12 Purchased 18 units @ $ 1.20

1/19 Purchased 12 units @ $ 1.30

1/26 Purchased 06 units @ $ 1.40

On January 31^st the physical inventory indicated nine units remaining on the shelf. Determine the value of both the closing inventory and the cost of units issued, using each of the five methods identified in Chapter 8.

1) what is closing inventory unit?

2) determine value ($) of closing inventory for each method.

a) FIFO

b) latest purchase price method

c) weighted average price method.

d) last in, first out method.

3) calculate cost of units issued for each method.

a) FIFO

b) latest purchase price method

c) weighted average price method

d) last in, first out method